NOTE. Draft is an allowance for the waste of certain articles, and is made only for statistical purposes; it does not affect the amount of duty. The rates of this allowance are as follows: 1. What is the duty, at 24 per cent., on 50 gross of London ale, invoiced at $1.20 per dozen, 24 per cent. being allowed for breakage? allowance for breakage, $18, and compute the duty on the remainder. Hence the following RULE.. Deduct allowances, if necessary, and compute the duty, at the given rate, on the net value. NOTE. In the following examples, the legal rate of duty will be given, according to the Tariff of 1851. EXAMPLES FOR PRACTICE. 2. What is the duty at 19 per cent. on 224 yards of plaid silk, invoiced at $.95 per yard? Ans. $40.43+. 3. What is the duty at 24 per cent. on 50 barrels of sperm oil, each containing originally 311 gallons, invoiced at $.54 per gallon, allowing 2 per cent. for leakage? Ans. $200.03+. 4. What is the duty at 15 per cent. on 175 bags of Java coffee, each containing 115 lbs., valued at 15 cents per pound? Ans. $452.811. 5. John Jones imported from Havana 25 hhds. of W. I. molasses, which was invoiced at 36 cents per gallon; allowing per cent. for leakage, what was the duty at 24 %? Ans. $135.399+. Define draft. Give analysis Rule SIMPLE INTEREST. 304. Interest is a sum paid for the use of money. 305. Principal is the sum for the use of which interest is paid. 306. Rate per cent. per annum is the sum per cent. paid for the use of $100 annually. NOTE. The rate per cent. is commonly expressed decimally, as hundredths (231). 307. Amount is the sum of the principal and interest. 308. Simple Interest is the sum paid for the use of the principal only, during the whole time of the loan or credit. 309. Legal Interest is the rate per cent. established by law. It varies in different States, as follows: NOTE. When the rate per cent. is not specified, in accounts, notes, mortgages, contracts, &c., the legal rate is always understood. 310. Usury is illegal interest, or a greater per cent. than the legal rate. CASE I. 311. To find the interest on any sum, at any rate per cent., for years and months. Define interest. Principal. Rate per cent. per annum. What is simple interest? Legal interest? Usury? Case I? Amount. In percentage, any per cent. of any given number is so many hundredths of that number; but in interest, any rate per cent. is confined to 1 year, and the per cent. to be obtained of any given number is greater than the rate per cent. per annum if the time be more than 1 year, and less than the rate per cent. per annum if the time be less than 1 year. Thus, the interest on any sum, at any rate per cent., for 3 years 6 months, is 3 times the interest on the same sum for 1 year; and the interest for 3 months is of the interest for 1 year. 1. What is the interest on $75.19 for 3 years 6 months, at 6%? OPERATION. $75.19 .06 $4.5114 31 22557 135342 $15.7899, Ans. ANALYSIS. The interest on $75.19, for 1 yr., at 6 per cent., is .06 of the principal, or $4.5114, and the interest for 3 yr. 6 mo. is 33 times the interest for 1 yr., or $4.5114 × 31⁄2, which is $15.789, the Ans. Hence, the following RULE. I. Multiply the principal by the rate per cent., and the product will be the interest for 1 year. II. Multiply this product by the time in years and fractions of a year, and the result will be the required interest. %? 7 EXAMPLES FOR PRACTICE. 2. What is the interest of $150 for 3 years, at 4 per cent.? Ans. $18. 3. What is the interest of $328 for 2 years, at 7 %? 4. What is the interest of $125 for 1 year 6 months, at 6 Ans. $11.25. 5. What is the interest of $200 for 3 years 10 months, at per cent? Ans. $53.66+. 6. What is the interest of $76.50 for 2 years 2 months, at 5 %? Ans. $8.287+. Explain the difference between percentage and interest. Give analysis. Rule. R. P. 11 7. What is the interest of $1276.25 for 11 months, at 7 per cent.? Ans. $81.89+. 8. What is the interest of $2569.75 for 4 years 6 months, at 6 per cent.? 9. What is the interest of $1500.60 for 2 years 4 months, at 61%? Ans. $218.8375. 5 10. What is the amount of $26.84 for 2 years 6 months, at cent.? per Ans. $30.195. 11. What is the amount of $450 for 5 years, at 7 12. What is the interest of $4562.09 for 3 at 3 %? per cent.? years 3 months, Ans $444.80 +. 13. What is the amount of $3050 for 4 years 8 months, at 5 per cent.? Ans. $3797.25+. 14. What is the interest of $5000 for 9 months, at 8 per cent.? Ans. $300. 15. If a person borrow $375 at 7 per cent., how much will be due the lender at the end of 2 yr. 6 mo. ? 16. What is the interest paid on a loan of $1374.74, at 6 per cent., made January 1, 1856, and called in January 1, 1860? Ans. $329.937+. 17. If a note of $605.70 given May 20, 1858, on interest at 8 per cent., be taken up May 20, 1861, what amount will then be due if no interest has been paid? Ans. $751.068. CASE II. 312. To find the interest on any sum, for any time, at any rate per cent. The analysis of our rule is based upon the following Obvious Relations between Time and Interest. I. The interest on any sum, for 1 year, at 1 per cent., is .01 of that sum, and is equal to the principal with the separatrix removed two places to the left. II. A month being of a year, of the interest on any sum for 1 year is the interest for 1 month. What is Case II? Give the first relation between time and interest. Second. III. The interest on any sum for 3 days is = =.1 of the interest for 1 month, and any number of days may readily be reduced to tenths of a month by dividing by 3. IV. The interest on any sum, for 1 month, multiplied by any given time expressed in months and tenths of a month, will produce the required interest. 1. What is the interest on $724.68 for 2 yr. 5 mo. 19 da., at 7 %? OPERATION. 2 yr. 5 mo. 19 da. = 29.6 mo. 12) $7.2468 $.6039 29.61 2013 36234 54351 12078 $17.89557 7 ANALYSIS. We remove the separatrix in the given principal two places to the left, and we have $7.2468, the interest on the given sum for 1 year at 1 per cent. (313 I.). Dividing this by 12, we have $.6039, the interest for 1 month, at 1 per cent. (II.) Multiplying this quotient by 29.61, the time expressed in months and decimals of a month, (III. IV.,) we have $17.89557, the interest on the given sum for the given time, at 1 per cent. (IV.). And multiplying this product by 7 (7 times 1 per cent.), we have $125.268+, the interest on the given principal, for the given time, at the given rate per cent. Hence, $125.26899, Ans. RULE. I. Remove the separatrix in the given principal two places to the left; the result will be the interest for 1 year, per cent. at 1 II. Divide this interest by 12; the result will be the interest for 1 month, at 1 per cent. III. Multiply this interest by the given time expressed in months and tenths of a month; the result will be the interest for the given time, at 1 per cent. IV. Multiply this interest by the given rate; the product will be the interest required. Give the third. Fourth. Give analysis. Rule. |