[With pencil.] 9. What is the grocer's profit on 12 barrels of flour bought at wholesale for $13.00 apiece and sold at retail at a profit of 10%? 10. The grocer bought cheese of a certain kind for 24¢ a pound, which he sold at a profit of 163%. Find his profit on 150 pounds. II. A case of two dozen bottles of olive oil is bought for $3.60 and sold at a loss of 333%. Find the amount lost on each bottle. 12. Find how much more money the grocer made in selling at a profit of 10% 20 dozen cakes of soap bought at 5¢ a cake, than in selling at a profit of 12% 6 dozen cakes bought at 8¢ a cake. 13. The grocer sold 50 gallons of kerosene at 20¢ a gallon. Of the amount he received, he used 75% in paying the wholesale cost and 20% in paying the expenses he had incurred in selling the kerosene. How much did he pay for the kerosene at wholesale? How much did it cost him to sell the kerosene? What was his profit? *14. Find the grocer's profit on 311⁄2 gallons of molasses sold at $1.10 a gallon. Of this amount, 66% was used in paying the wholesale cost of the molasses, and 20% for expenses incurred by the grocer in selling the molasses. 49. Money at Interest 1. A rowboat rents for 20¢ an hour. At this rate, how much must be paid for the use of the boat for 2 hours? 2. At $25 a month, how much must be paid for 3 months' rent for a house? 3. A man borrows $100 and pays the man from whom he borrows it 4% a year for the use of the money. How much must he pay for the use of the money if he keeps it 2 years? Just as people pay for the use of a boat or a house at a given rate for a given length of time, they pay for the use of money. In the problem above, the sum paid for the use of the $100 for 1 year is 4% of $100, or $4. For 2 years, the amount paid is 2 times $4, or $8. MONEY AT INTEREST Money paid for the use of money is called interest. 227 The interest on the $100 in the problem above is $4 a year, or $8 for the 2 years. The sum of money on which interest is paid is called the principal; the per cent paid is called the rate; the period of time, the time. [Use pencil only when needed.] 4. A man borrows $800 with which to help pay for a home. He pays 5% interest. This amounts to how much for 1 year? For 3 years? 5. A farmer borrows $1000 with which to buy cattle. At 4%, how much interest must he pay for the use of this money for 1 year? For 6 months? Find the interest: 6. At 4% on $200 for 2 years. 7. At 5% on $300 for 3 years. 9. At 6% on $200 for 3 months. 10. At 4% on $300 for 1 year 6 months. II. At 4% on $2000 for 2 years 3 months. 12. A bank pays 3 per cent interest on money deposited in it. If I deposit $300 and leave it to draw interest for 1 year, how much will be due me at the end of that time, including both the money deposited and the interest? Find the amount that should be returned: 13. On a loan of $500 returned in 1 year with interest at 5%. 14. On a loan of $800 returned in 6 months with interest at 4%. 15. On a loan of $4000 returned in 3 months with interest at 5%. 16. On a loan of $1500 returned in 4 months with 6% interest. 17. On a loan of $2000 returned in 8 months with 5% interest. 50. Expressing a Comparison as Per Cent [Without pencil.] I. I have 20¢ and spend 10¢. What part of my money do I spend? What per cent? 2. $12 is what part of $36? What per cent? 3. Find what per cent 8 is of 16; 10 is of 40; 5 is of 25; 9 is of 27. 4. A merchant buys a pocket knife for 50¢, and sells it at a gain of 20¢. The gain is what part of the cost? What per cent? 204, the gain, 8, or 3, of 504, the cost. = expressed as a per cent is —. 5. Imagine that you have the management of a store where athletic goods are sold, and that you buy a basket ball for $3.00, which you sell at a gain of $1.00. The gain would be what part of the cost? What per cent? 6. A golf club bought for $2.50 is sold at a gain of 50¢. This gain is what part of the cost? What per cent? 7. In one department, you have skates for sale. Roller skates bought for $1.20 a pair are sold at a gain of 40¢. Ice skates bought for $2.40 a pair are sold at a gain of 60¢. Which kind of skates brings you the larger per cent of profit? 8. To get rid of an over-stock of tennis rackets, you sell rackets, which cost you $2.00, at a loss of 50¢. The loss is what part of the cost? What per cent? 9. Find the per cent lost on a racket that cost $3.00, which is sold at a loss of 30¢. 10. You buy a toboggan at wholesale for $7.00 and sell it for $10.00. The freight charges and other expenses of handling the toboggan come to $1.00. How many dollars' profit do you make on the toboggan? EXPRESSING A COMPARISON AS PER CENT 229 11. The net profit on the toboggan is what per cent of the cost at wholesale? Of the retail selling price? 12. A football bought at wholesale for $4.00 is sold at retail for $5.00. After allowing 50¢ as the expense of handling the football, how much profit is left? This profit is what per cent of the cost at wholesale? Of the retail selling price? II A pair of snowshoes bought for $6.50 is sold at a gain of $1.40. The gain is what per cent of the cost? Notice that, in finding what per cent one number is of another, the comparison is first expressed as a common fraction and then reduced to a decimal in hundredths. The number of hundredths found is the required per cent. [With pencil.] 1. A sweater bought for $6.00 sells at a gain of $.75. The gain is what part of the cost? What per cent? 2. Tennis shoes bought for $2.50 sell at a loss of 35¢. The loss is what part of the cost? What per cent? 3. A football suit bought at wholesale for $10.00 is sold for $15.00 After allowing $2.75 as the cost of handling the suit, how much profit is left? The profit is what per cent of the cost at wholesale? Of the retail selling price? 4. The cost of a baseball suit at wholesale is $5.00; the cost of selling the suit, $1.50; the retail price, $7.50. The net profit on this suit is what per cent of the cost at wholesale? Of the retail selling price? *5. A camping outfit is bought at wholesale for $15.00 and sold for $22.50. After allowing 20% of the retail price as the cost of selling the goods, the net profit is what per cent of the cost at wholesale? The net profit on each of these articles was what per cent of the cost? 25. Cost of desk $13.50; net profit, $2.25. 26. Cost of easy chair, $12.60; net profit, $3.15. 27. Cost or stand, $7.20; net profit $1.44. 51. Finding the Number upon which a Percentage is Based I [Without pencil.] 1. 50%, or, of the distance between two places is 32 miles. What is the entire distance between the two places? |