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PERCENTAGE.

230. DISCOUNTING BILLS.

Many kinds of goods are usually sold "on time;" that is, the buyer may have 30, 60, or 90 days in which to pay for them. If he pays for such goods at the time of purchase or within ten days from the time of purchase, his bill is “discounted" from 1% to 6%, according to agreement; that is, a certain part of the amount of the bill is deducted from the amount.

Mr. Smith bought of amounting to $350.20. ("spot cash") was 1 %. goods?

EXAMPLE.

Marshall Field & Co. a bill of goods
The discount for immediate payment
How much must he pay for the

1% of $350.20 is $3.50. $350.20 - $3.50

PROBLEMS.

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"Figure the discounts" on the following bills: †

1. Bill of $324.37, discounted at 2%.
2. Bill of $276.45, discounted at 1 %.
3. Bill of $356.50, discounted at 3 %.
4. Bill of $536.50, discounted at 6 %.
5. Bill of $561.80, discounted at 4 %.

(a) Find the sum of the five bills before they are discounted.

(b) Find the sum of the discounts.

(c) Find the sum of the five bills after discounting.

+ Fractions of cents in the discount on each bill may be ignored.

what remains is to be discounted 10%. Sometimes as mar successive discounts are allowed. Observe that in comput the base changes with each discount.

PROBLEMS.

Find the actual cost of

1. 500 ft. 4-inch gas pipe, (list, 74 per ft.) at 50 off.

off.

2. 350 ft. -inch gas pipe, (list, 84 per ft.) at 50

3. 200 ft. 14-inch gas pipe (list, 26¢ per ft.) at 10 off.

4. 260 ft. 2-inch gas pipe (list, 35¢ per ft.) at 10 off.

5. 48-in. elbows, (list, 74 each) at 65 and 20 of 6. 36-in. elbows, (list, 94 each) at 65 and 20 of

(a) Find the entire cost of the six items.

7. Find the cost of 12 pairs men's rubber boots, (list per pair) at 25 and 10 off. Find the cost of the sam off. Why are the results unlike?

8. Which is the lower price, 50 and 10 off, or 60 d list being the same?

9. Bought for 40 off from list price and sold for from list price. What was my gain per cent?

10. Bought for 70 off from list and sold for 50 and from list. Did I lose or gain and how many per cent?

Applications of Percentage.

232. Selling "on Commission."

When goods are sold " 'on commission" the selling-price is the base; that is, the seller receives a certain per cent of the selling price as remuneration for services.

Commission is the sum paid an agent, or commission merchant, for transacting business.

PROBLEMS.

1. At 40 %, what is the commission for selling $275 worth of books? If the salesman sells and collects for 40% of the selling price, how much of the $275 will he retain and how much" pay over " to the man for whom he sells the books? 2. While selling books on a commission of 40% my commission amounted to $56. What was the selling price of the books? If I not only sold but collected for 40% of the selling price, how much money should I "pay over" to my employer?

3. A real estate agent sold a house and lot for $4250. If his commission is 5%, how much should he receive for his services?

4. A real estate agent sold a piece of property upon which his commission at 5% amounted to $275. What was the selling price of the property? How much should the owner receive for the property after deducting the commission?

5. A commission merchant sold 2140 lb. of butter at 23¢ a pound. After deducting his commission of 5% and paying freight charges of $36.50, and storage charges of $21.40, how much should he send to the man for whom he made the sale?

Applications of Percentage.

233. Taxes.

A tax is a sum of money paid for public purposes.

A

tax on property is reckoned at a certain per cent of the assessed value of the property. The assessed value may or may not be the real value. It is often much below the real

value.

PROBLEMS.

1. Mr. Hardy has a farm of 240 acres which he values at $24000. Its assessed value is $22 per acre.

If his state tax

is %, his county tax 14%, his town tax %, his school tax 2%, and his special road and bridge tax 1%, how much money must he pay as taxes on his farm?

2. The assessed value of the taxable property of a certain school district is $176,242.25. If the school tax is 2% and the collector receives 2% of the amount collected as his commission, and collects the entire amount of the tax, how much should the district officers receive from this source for school purposes?

3. The assessed value of Mr. Randall's property is $3400. At the rate of 15 mills on a dollar*, how much tax must he pay?

4. The assessed value of the property of a district of a certain city is $250,000. (a) What must be the per cent of taxation to raise $10,000? (b) What will be the net sum realized for public purposes if the collector is able to collect only 95% of this tax and he receives for his services 2% of the amount collected?

5. Mr. Evan's tax is $35.60; the rate of taxation is 24%. What is the assessed value of his property? †

*15 mills on a dollar" is the same as 1%. +835.60 is what part of the assessed value?

Applications of Percentage.

234. Insurance is a guaranty by one party to pay a certain suin to another party in the event of loss or damage.

The policy is the written contract given by the underwriter to the insured. The premium is the sum paid for insurance.

PROBLEMS.

1. A store valued at $7500 was insured for $5000 for 1 year. The rate of insurance was 2%. What was the amount of the premium?

2. A stock of goods valued at $10000 was insured for $5000. A fire occurred, but part of the goods were saved. It was found that the entire loss to the owner of the goods was $4750. (a) How much should he receive? much should he receive if the loss were $5750? *

(b) How

3. An insurance agent offers to insure my farm buildings for $3500 for 1 year at 1%, or for 5 years at 3%; the entire premium in either case to be paid in advance. (a) If I accept the first proposition, how much is the premium to be paid? (b) How much if I accept the second?

4. What is the rate of insurance on the nearest store and stock of goods? On farm property? On village or city property other than stores? †

5. A large building was insured in one company for $25000, in another company for $15000. It was damaged by fire to the extent of $12800. How much of the damage

should each company pay?

NOTE. The companies must share the loss in proportion to the amount of insurance carried by them.

*In case of total loss the owner would receive $5000. In case of partial loss the owner should receive the full amount of the loss, provided it does not exceed $5000. † Any insurance agent will be willing to answer these questions for you.

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