Case II.

To find the Per Cent. one Number is of Another. 198. 1. What per cent. of 16 yards is 4 yards?

OPERATION.

4 X 100

=25, Ans.

16

4

Since 16 is 100 per cent. of itself, 1 is of 100 per cent., and 4 is 4 times, or, of 100 per cent., which is of 100 per cent., or 25 per cent. Therefore, 4 yards is 25 per cent. of 16 yards.

Rule.-Multiply the number denoting the percentage by 100, and divide by the number on which the percentage is reckoned.

10. If American gold coin is 9 parts pure gold to 1 part

alloy, what per cent. is alloy?

11. If a miller takes 4 quarts toll for grinding 32

quarts, what per cent. is the toll?

Ans. 10.

Ans. 12.

Ans. 30.

12. A farmer's flock of 120 sheep was increased to 156;

what was the increase per cent.?

13. I have a farm of 160 acres; 120 acres of it is under cultivation; what part is that of the whole? Ans. 75. 14. John is 12 years old, and his father 54 per cent. is John's age of that of his father?

Explain the operation. Recite the Rule.

what

years; Ans. 223.

15. I had 160 tons of coal, and sold 40 tons; what per cent. of what I had did I sell?

COMMISSION.

Ans. 25.

199. A Commission Merchant, or Factor, is a person who buys or sells goods for another.

200. Commission is the percentage paid a commission merchant, or agent, for the transaction of business.

Commission is reckoned at a certain rate per cent upon the sum expended or received,

201. 1. A commission merchant sells coal to the amount of $550; what is his commission at 2 per cent.?

OPERATION.

$550
.02

Ans. $11.00

Since the commission on $1 is .02 of a dollar, on $550 it will be 2 hundredths of $550, or $550 X .02, which is $11. Therefore, his commission on $550, at 2 per cent., is $11.

Rule. Multiply the given sum by the number of per cent., expressed decimally.

Examples.

2. How much must be paid for purchasing goods to the amount of $350, at 3 per cent. commission?

3. An agent sells goods to the amount of $1244; what is his commission at 2 per cent.?

4. An auctioneer sold property to the amount of $1780 ; what were his fees at 14 per cent.?

What is a Commission Merchant, or Factor? sion? Explain the operation. Recite the Rule.

What is Commis

202. Profit and Loss is the process of estimating the gain or loss on capital employed in business.

Case I.

To find the Amount of Profit or Loss at any Per Cent.

203. 1. If a merchant buys goods to the amount of $1248, and sells them at a profit of 20 per cent., how much does he gain?

OPERATION.

$1248

.20

Ans. $249.60

Since the profit is 20 per cent. of $1248, it must be 20 hundredths of $1248, or There$1248 X .20, which is $249.60.

fore, the gain on $1248, at 20 per cent. profit, is $249.60.

Rule.-Multiply the number upon which the percentage is reckoned, by the number of per cent., expressed decimally.

Examples.

2. A cistern containing 120 gallons lost by leakage 5 per cent. of its contents; how much was the loss?

Ans. 6 gallons.

3. If United States stocks bought for $300 should advance 9 per cent., what would be the gain?

Ans. $28.50.

4. Bought a horse for $216, and sold him at a loss of 10 per cent.; how much was the loss?

Case II.

Ans. $21.60.

To find the Rate Per Cent. of Gain or Loss.

204. 1. If I buy a barrel of flour for $8, and sell it for $10, what is the gain or loss per cent.?

and 2 is of 100 per cent., which is of 100 per cent., or 25 per cent. Therefore, if I buy a barrel of flour for $8 and sell it for $10, I gain 25 per cent.

Rule. - Multiply the number denoting the gain or loss by 100, and divide by the number on which the gain or loss is reckoned.

Examples.

2. Bought a cord of wood for $6, and gained in selling it $.72, what was the gain per cent.?

Explain the operation. Recite the Rule.

3. When molasses is bought for 90 cents a gallon, and sold at 108 cents, what is the gain per cent.?

4. Bought a horse for $125, and sold it for $12.60 less than cost; what per cent. was the loss?

5. If I sell a farm which cost me $5000 for $4700, what is the loss per cent.? Ans. 6 per cent.

INTEREST.

205. Interest is percentage allowed for the use of money, or for value received.

The Principal is the sum on interest.

The Rate of interest is the per cent. allowed on the principal for one year, or any given time.

The Amount is the sum of the principal and interest.

206. A Legal Rate is the rate per cent. established or allowed by law. The legal rate in most of the States, and in the United States Courts, when no particular rate is mentioned, is 6 per cent.

In New York, New Jersey, Michigan, Wisconsin, Minnesota, South Carolina, and Georgia it is 7 per cent.; in Louisiana it is 5 per cent.; in a few States 8 per cent.; and in some States as high as 10 per cent.

The rate for one year, and at 6 per cent., is to be understood in this book when no other is named.

207. Since the interest of $1, at 6 per cent. for 1 year, or 12 months, is 6 cents, for 1 month it will be

of 6

What is Interest? The Principal? The Rate? The Amount? Legal Rate? What rate is to be understood when no other is named?