12. An automobile selling for $1395 is reduced 25%. Find the price after the reduction. 13. A's salary per year has been $1780. He is given an increase in salary of 15%. What is his salary after the increase has been given him? 14. An automobile which costs $1095 is offered for sale at a reduction of 15%. At what price is it offered? 15. In each of the following items, find how much the former price was reduced and what the per cent of reduction was on each article. II. DISCOUNT 51. A discount is a reduction made from a given price. This reduction is generally stated as so many per cent of the given price, which is called the list price or marked price. The price after the discount has been taken off is called the net price. APPLIED PROBLEMS 1. A teacher who orders books amounting to $36.50 gets a discount of 163%. What is the net price of these books? 2. A suit marked at $22.50 is advertised at a discount of 10%. Find the net price. 3. An overcoat marked at $42.50 is advertised at a discount of 10%. Find the net price. 4. The following are advertised at a reduction of 331% on these prices: $3.50 satin; $4.00 crepe; $1.00 pongee; $3.50 silk. Find the net price of each. 5. An ash can marked to sell at $3.25 is reduced 12%. Find the net price. 6. A lawn mower marked to sell at $10.50 is reduced 121%. Find the net price. 7. A hammock marked to sell at $15.60 is reduced 20%. Find the net price. 8. The marked price of a piano is $425. A discount of 15% is allowed for cash. Find the net cost. 9. A farmer buys a reaper at $85 less a discount of 5% for cash. What does he pay in cash for the reaper? 10. A victrola is sold for $200, subject to a discount of 121% for cash. What is the net cost of the victrola if cash is paid? 11. A dozen copies of a book are ordered. The list price of the book is $1.25 less 20%. Find the net cost of the 12 books. 12. A contractor orders 10 kegs of nails. There are 50 lb. of nails in each keg. The price per pound is 4 cents, less a discount of 15%. Find the net cost. 13. A farmer buys a corn harvester for $135, less a discount of 12% for cash. How much money will he need if he pays cash for the harvester? 14. Oriental rugs are advertised for the August sale at discounts of 25%. Find the net price of each of the following: rug A listed at $179; rug B listed at $225; rug C listed at $95; rug D listed at $345. 15. An automobile listed at $1595 is offered for quick sale at a discount of 15%. Find the net price offered. 16. Determine the amount of the discount and the net price on each article in the following list: III. INTEREST 52. Interest is money paid for the use of money. The principal is the sum of money loaned or borrowed. The rate of interest is the per cent of the principal paid per year. The amount is the sum of the principal and interest for the given time. EXAMPLE 1. A lends B $500 at 5% for 1 year. How much does B owe A at the end of the year? SOLUTION. The principal is $500. The rate of interest is 5%. The interest is 5% of $500, or $25. The amount due A at the end of the year is $500+ $25= $525. EXAMPLE 2. Mr. J. Smith borrows $2500 from the bank for 60 days, interest at 51%. How much interest must he pay? (360 days are usually taken as the commercial year, and 30 days as the commercial month.) 60 = SOLUTION. 60 days = yr. yr. The interest for one year is $2500 × .051 = $137.50. Hence the interest for yr. is = $137.50.) SUMMARY: (1) Multiply the principal by the given rate of interest. (For example, $2500 × .05 This product is the interest for one year. (2) Express in days the time given. This number written over 360 gives the ratio of the time given to a year. (For example, 60 days = 60 30% yr.) (3) Multiply the interest found for one year by this fraction. (For example, $137.50 X = $22.92.) This product is the interest for the given time at the given rate. EXERCISES Compute the interest on: 5. $1476 at 41% for 9 mo. NOTE. Where fractions appear cancellation may be used. Thus, in example 5, the interest is 123 1476 X X $49.82. 200 12 200 6. $1764 at 51% for 8 mo. 7. $2908 at 41% for 1 yr. 2 mo. 8. $3052 at 5% for 3 mo. 15 da. (105 yr.). 9. $2592 at 41% for 2 mo. 12 da. 10. $2880 at 4% for 6 mo. 20 da. 11. $3204 at 51% for 4 mo. 24 da. 12. $4068 at 6% for 2 mo. 3 da. 13. $6250 at 5% for 3 mo. 8 da. Compute the interest and find the amount due on: 14. $650 at 6% for 3 mo. 15. $1275 at 5% for 5 mo. 16. $1485 at 5% for 10 mo. 17. $2250 at 51% for 8 mo. 8 da. 18. $2750 at 51% for 6 mo. 12 da. 19. $8788 at 4% for 3 mo. 20. $85.60 at 4% for 4 mo. 21. $3880 at 51% for 7 mo. 22. $2960 at 5% for 5 mo. 23. $3,000,000 at 4% for 4 mo. 12 da. |