paid 4 per cent. for bringing it home: what was the whole cost of his flour?

28. What is 371⁄2 per cent. of $100? Of $2537.50 ? 29. What is 112 per cent. of $150 ?

30. What is 125 per cent, of $635 ? 31. What is 250 per cent. of $17.35?

32. Which is the most, 7 per cent. of $1000, or 6 per cent. of $1100?

33. What is the difference between 6 per cent. and 7 per cent. of $12000 ?

34. What is the difference between 9 per cent. of $2000, and 6 per cent. of $3000 ?

35. What is 17

36. What is 20

per cent. of $10000 ?

per cent. of $10500?

37. A man gave his two sons $10000 apiece; the elder added 15 per cent. to his the first year, and the younger spent 15 per cent. of his: what was the difference of their property at the end of the first year ?

38. A laboring man earning $225 a year, lays up 234 per cent. of it: how much does he spend?

39. A man having deposited $856.25 in a savings bank, drew out 31 per cent. of it: how much had he left in the bank ?

40. A farmer owing 3560 sheep, lost 50 per cent. of them by disease: how many had he left?

APPLICATIONS OF PERCENTAGE.

226. Percentage, or the method of reckoning by hundredths, is applied to various calculations in the practical concerns of life. Among the most important of these are Commission, Brokerage, the Rise and Fall of Stocks, Interest, Discount, Insurance, Profit and Loss, Duties, and Taxes. Its principles, therefore, should be thoroughly understood by every scholar.

QUEST.-226. To what are the principles of percentage applied? What are some of the most important of these calculations?

COMMISSION, BROKERAGE, AND STOCKS.

227. Commission is the per cent. or sum charged by agents for their services in buying and selling goods, or transacting other business.

OBS. An agent who buys and sells goods, &c. for another, is called a Commission Merchant, a Factor, or Correspondent.

228. Brokerage is the per cent. or sum charged by money dealers, called Brokers, for negotiating Bills of Exchange, and other monetary operations, and is of the same nature as Commission.

229. By the term Stocks, is meant the Capital of monied institutions, as incorporated Banks, Manufactories, Railroad and Insurance Companies; also, the funds of Government, State Bonds, &c.

OBS. Stocks are usually divided into portions of $100 each, called shares; and the owners of these shares are called Stockholders.

230. The original cost or valuation of a share is called its nominal, or par value; the sum for which it can be sold, is its real value, which varies at different times.

OBS. 1. The rise or fall of Stocks is reckoned at a certain per cent. of its par value. The term par is a Latin word, which signifies equal, or a state of equality.

2. When stocks sell for their original cost or valuation, they are said to be at par; when they sell for more than cost, they are said to be above par, or at an advance; when they do not sell at cost, they are then said to be below par, or at a discount.

3. Persons who deal in Stocks are usually called Stock-Brokers, or Stock-Jobbers.

231. The commission or allowance made to factors and brokers, and the rise and fall of stocks, are usually reckoned at a certain percentage on the amount of money

QUEST.-227. What is commission? Obs. What is an agent who buys and sells goods for another usually called? 228. What is brokerage? 229. What is meant by stocks? How are stocks usually divided? What are the owners of the shares called? 230. What is the par value of stocks? What the real value? Obs. What is the meaning of the term par? When are stocks at par? When above par? When below? 231. How are commission, brokerage, and the rise or fall of stocks reckoned?

employed in the transaction, or on the par value of the given shares. Hence,

232. To compute commission, brokerage, and the advance or discount on stocks.

Multiply the given sum by the given per cent. expressed in decimals, and point off the product as in Percentage. (Art. 225.)

EXAMPLES.

Ex. 1. A commission merchant sold a quantity of corn for $236, and charged 2 per cent. commission: how much did he receive for his services? Ans. $4.72.

2. A tax gatherer collected $533.56, for which he was to have 3 per cent. commission: how much did he receive?

3. An auctioneer sold $860.45 worth of goods at 2 per cent. commission: how much did he receive ?

4. An agent sold a quantity of oil for $265.35, and charges 24 per cent. commission: how much did the agent receive; and how much did the owner receive for his oil?

5. Sold goods to the amount of $356, at 43 per cent. commission: how much did I receive for my services? 6. Bought goods amounting to $480, at 31 per cent. commission: what is the amount of my commission? 7. What is the commission on $163.625, at 6 per cent. ?

8. What is the commission at 5 per cent. for purchasing flour to the amount of $1365.25?

9. I send my agent $1000 to be laid out in cotton, and agree to allow him 5 per cent. commission: what is the amount of his commission, and how many dollars worth of cotton shall I receive?

10. A lawyer collected a debt of $695.05, and charged 7 per cent. how much did he receive, and how much will he pay his employer?

QUEST.-232. How do you compute the commission, brokerage, &c. on

any given sum?

11. A merchant negotiated a bill of exchange of $5000 with a broker, and agreed to give him 7 per cent.: how much did the broker receive?

12. What is the brokerage on $8265, at 5 per ct.? 13. What is the brokerage on $6524.13, at 8 per ct.? 14. What is the commission on $146.356, at 20 per cent.?

15. What is the commission on $1625.75, at 25 per cent.?

16. What is the commission on $25026.10, at 15 per cent. ?

17. What is the brokerage on $50265.95, at 34 per cent.?

18. What is the brokerage on $38212.085, at 14 per cent.?

19. What is the brokerage on $752600, at 1 per cent.? 20. What is the brokerage on $1000000, atper cent.?

21. Bought 10 shares of bank stock, for which I agreed to pay 4 per cent. advance: how much did the stock cost me?

Suggestion. The stock manifestly cost me its par value, viz: $1000, together with 4 per cent. of it. Now $1000 ×.04=$40; and $1000+$40=$1040. Ans.

22. A man bought 5 shares of the Boston and Providence Railroad stock at 5 per cent. advance: what did his stock cost him?

23. A stock broker bought 15 shares of the New York and Erie Railroad stock at par, and sold them at 15 per cent. discount: what did they come to?

24. Sold 29 shares in the American Manufacturing Co., at 16 per cent. advance: what did they come to?

25. A stock jobber bought 45 shares of the Auburn and Rochester Railroad stock at 3 per cent. discount, which he sold at 7 per cent. advance: how much did he make by the transaction?

26. A widow invested $9000 in the Commonwealth Bank stock at par, and finally sold it at 75 per cent. discount how much did she lose?

27. Owned 53 shares of the Long Island Railroad stock, which were sold at auction at 13 per cent. advance: how much did they come to?

28. Bought 38 shares in the Union Gas Co. at 7 per cent. advance and sold them at 5 per cent. discount : how much was my loss?

INTEREST.

233. Interest is the sum paid for the use of money by the borrower to the lender. It is reckoned at a given per cent. per annum; that is, so many dollars are paid for the use of $100 for one year; so many cents for 100 cents; so many pounds for £100; &c.

OBS. The learner should be careful to notice the distinction between Commission and Interest. The former is reckoned at a certain per cent. without regard to time; (Art. 227;) the latter is reckoned at a certain per cent. for one year; consequently, for longer or shorter periods than one year, like proportions of the percentage for one year are taken.

The term per annum signifies for a year.

234. The money lent, or that for which interest is paid, is called the principal.

The per cent. paid per annum, is called the rate.

The sum of the principal and interest is called the

amount.

Thus, if I borrow $100 for 1 year, and agree to pay 5 per cent. for the use of it, at the end of the year I must pay the lender the original sum $100 I borrowed and $5 interest, making $105. The principal in this case, is $100; the interest $5; the rate 5 per cent.; and the amount $105.

235. The rate of interest is usually established by law, which is therefore called legal interest. It varies in

QUEST.-233. What is Interest? How is it reckoned? Obs. What is meant by the term per annum? 234. What is meant by the principal? The rate? The amount? 235. How is the rate usually determined? Is it the same everywhere?