What is the discount of the following sums, discounting for

30 days?

What is the discount of the following sums, discounting for

dols. cts. ms.

60 days?

Ans. 2 76 8

4 72 2

5 79 8

52 54

When a note is offered at a bank for discount, two endorsers are generally required, to the first of whom it is said to be payable: Thus-A having occa. sion for a sum of money, procures B and C as endorsers to his note, and of fers it for discount in the following form.

100 Dollars.

For value received, I promise to pay B, or order, at the Bank, on demand, one hundred dollars, with interest after days.

A.

When state notes, bank shares, &c. are lodged in a bank as security for mo nies a note is presented in this form.

For value received, I promise to pay the President, Directors and Company of the Bank, or their order, at said Bank, on demand, dollars, with interest after days. C. D.

EQUATION OF PAYMENTS.

The design of this Rule is to find a mean time for the pay

ment of several sums due at different times.

RULE. Multiply each sum by its time, and divide the sum of the products by the whole debt; the quotient is accounted

the mean time.

EXAMPLES.

1. A owes B 200 dols. whereof 40 dols. is to be paid in 3 months, 60 dols. in 5 months, and the remainder in 10 months, at what time may the whole be paid without any injustice to either? dols. mo.

2. A is indebted to B £.120, whereof one half is to be paid in 3 months, one quarter in 6 months, and the remainder in 9 months, what is the equated time for the payment of the whole? Ans. 5 months and 7 days.

3. C owes D 1400 dols. to be paid in 3 months, but D being in want of money, C pays him, at the expiration of 2 months, 1000 dols. how much longer than 3 months ought C, in equity, to defer the payment of the rest? Ans. 2 months.

Those who are exact in these calculations, find the present worth of each particular sum, then find on what time these present worths will be increased to the total of the particular sums payable at the particular times to come ; and that is the true equated time for the payment of the whole.

......

BARTER

Is the exchanging of one commodity for another on such terms as may be agreed on.

EXAMPLES.

1. How many quintals of fish, at 2 dols. per quintal, will pay for 140 hhds. of salt, at 4 dols. 70 cts. per hhd. ?

2. A buys of B 4 hhds. of rum containing 410 gallons, at 1 dol. 17 cts. per gallon; and 253 lb. of coffee, at 21 cts. per Ib. in part of which he pays 21 dollars in cash, and the balance in boards, at 4 dols. per thousand; how many feet of boards did the balance require? Ans. 127957 feet.

3. B has C's note for 250 dols. with 6 months interest due on it, and to redeem it C delivers him 60 bushels of wheat at 7s. 6d. per bushel, 50 bushels of corn at 5s. 3d. per bushel, and the balance in staves at 30 dols. per thousand ; what number of staves did B receive?

Ans. 5550 staves, or 4 m. 6 hun. and 10 casts.

4. B bought of D the hull of a schooner of 70 tons, at 16 dols. per ton, and paid him in cash 500 dols. 3 hhds. of molasses containing 350 gallons, at 64 cts. and is to pay the balance in New-England rum at 74 cts. per gallon; how many gallons is D to receive? Ans. 535 gals.

57

5. A buys of B 250 quintals of fish, at 25s. per quintal ; in payment B takes 100 dols. in cash, 2 hhds. of molasses containing 87 and 92 gals. at 38. 8d. per gallon, 1 pipe of brandy containing 120 gals. at 7s. 6d. per gallon, and gives 3 months credit for the remainder; required the balance due, and what cash would pay it, allowing the interest of it for the time at 6 per cent. per annum, as discount for prompt payment ?

Ans. Balance is 682 dols. 27 cts. 6 ms.➡672,04,2 in cash. 6. C sells to D 28,674 feet of boards at 8 dols. 50 cts. per thousand, and takes in payment cash, 4 barrels N. E. rum containing 128 gallons at 78 cts. per gallon, 1 barrel of sugar weighing neat 2 cwt. 2 qrs. 4 lb. at 10 dollars per cwt. and the balance in coffee at 25 cts. per lb.; how much money and coffee is C to receive?

Ans. 81 dols. 24 cts. 3 ms. and 149,90 lb. of coffee. 7. C has nutmegs worth 7s. 6d. per lb. in ready money, but in barter he will have 8s.; D has tobacco worth 9d. per lb.; how much must he rate it per lb. that his profit may be equal Ans. 9 d.

to C's?

8. A has tea which he barters with B at 10d. per lb. more than it cost him, against cambrick which stands B in 10s. per yard, but he puts it at 12s. 6d. ; I would know the first cost of the tea? Ans. 3s. 4d. per lb.

9. A has 240 bushels of rye, which cost him 90 cts. per bushel; this he barters with B at 95 cts. for wheat that stands B in 99 cts. per bushel; how many bushels of wheat is he to

receive in barter, and at what price is it to be rated, that their gains may be equal?

209

38 Ans. 218 bushels, at 1043 cts. per bushel. 10. A and B barter some goods-A put his at 30 shillings, and gains 8 per cent. B puts his at 24 shillings, and gains at the same rate; what was the first cost of the goods? Ans. 28s. and 22s. 6d. 11. A and B barter; A has cloth that cost 28d. B's cost him 22d. and he puts it at 25d.; how high must A put his to gain 10 per cent. more than B? Ans. 35d.

12. C and D barter-C makes of 7s. 6s. 8d. D makes of 78. 6d. 78. 3d.; who has lost most, and by how much per cent. ? Ans. Closes 1 per cent, more than D.

Is a rule that discovers what is gained or lost in buying or selling goods, and instructs merchants and traders to raise or fall the price of their goods so as to gain or lose so much per cent. &c.

EXAMPLES.

1. Bought a piece of broadcloth containing 53 yards, at 4 dols. 65 cts. per yard, and sold at 5 dols. per yard; what is the profit on the whole ?

2. If 1 lb. of coffee cost 28 cts. and is sold for 31 cts. what is the profit on 3 bags, weighing 293 lbs. neat?

Ans. 8 dols. 79 cts.

3. Bought a piece of baize of 42 yards, for £.4 14 6, and sold it at 2s. 6d. per yard; what is the gain or loss on the whole piece? Ans. 10s. 6d. gain.

4. A merchant bought 59 cwt. 3 qr. 14 lb. of iron, at 112 dols. per ton, paid freight and charges, 24 dols. what is the gain or loss, if he sells the whole at 37s. 4d. per cwt. ?

Ans. 13 dols. 26 cts. gain.

5. If a gallon of wine cost 6s. 8d. and is sold for 7s. 2d. what is the gain per cent. ?

sold at 20 cts. Ans. 25 cts.

6. When 20 per cent. loss is made on coffee,

per lb. what was the first cost? 7. At 13 cts. profit on the dollar, how much is it per cent. Ans. 13 per cent. or 13 dols. 50 cts. per 100 dols. 8. A trader sells his goods at 24d. profit on the shilling, how much is it per cent. ? Ans. 203, or £.20 16 8 9. Which is the better bargain, in purchasing fish, 17 shil lings per quintal, and 4 months credit, or 16s. 8d. cash? Ans. They are alike.

PROOF. The present worth of 17s. found by discount, is equal to 163. 8d. and 16s. 8d. with 4 months interest, will amount to 17s.

10. A bought a piece of shalloon, containing 34 yards, at 3s. 4d. per yard, and sold it at 12 per cent. loss, how much did he sell it per yard ? Ans. 2s. 11d.

11. Bought rum at 90 cts. per gallon, at what rate must it be sold to gain 20 per cent. ? Ans. 108 cents.

12. A trader bought 1 hhd, of rum, of a certain proof, containing 115 gallons, at 1 dol. 10 cts. per gallon, how many gallons of water must he put into it to gain 5 dollars, by selling it at 1 dollar per gallon? Ans. 16 gallons.

13. Bought 4 hhds. of rum, containing 450 gallons, at 1 dol. per gallon, and sold it at 1 dol. 20 cts. per gallon, and gave 3 months credit; now allowing the leakage of the rum while in my possession to be 10 gallons, I would know the gain or loss, discounting for the present worth of the debt at 6 per cent. Ans. 70 dols. 19 cts. gain.

per annum?