cost by that sum; but if the rate is loss per cent. deduct it from 100 and multiply by the remainder. 6. If I buy a quantity of wheat for $200 and wish to gain 10 per cent. by the sale of it, what must I ask for it? A. $220. 7. A man paid $50 for goods which he purchased at auction, and which he was glad to sell at a loss of 10 per cent.; what did he receive for them? A. $45. 8. A man bought a cow for $44 and sold it for 15 per cent. advance; what did he get for it? A. $50.60. 9. A merchant bought a hogshead of molasses for $44, and by accident, 9 gallons leaked out; what must he sell the remainder for per gallon, so as not to lose but 10 per cent. ? A. 73 cents. 10. A merchant bought 108 barrels of flour for $10 a barrel; paid for carting, 6 cents a barrel, and for assistance in storing it $1,50; now how much must he ask a barrel for it to gain 20 per cent. ? A. $12.388+. 11. A wholesale dealer in flour bought in one week the following lots, viz.-118 barrels for $94 per barrel, 212 barrels for $9 per barrel, 315 barrels for $9 per barrel, and 400 barrels for $10 per barrel. His store rent was $12.50 a week; clerk hire, $17 per week, and insurance per cent.; what price per barrel will cover all the expenses and afford him 15 per cent. profit? A. $11.018.+ CASE III. To find the gain or loss per cent. RULE. 12. First find what the gain or loss is by subtraction, then divide the remainder by the actual cost. 13. A merchant bought molasses for 24 cents a gallon, which he sold for 30 cents; what was his gain per cent.? A. .25 25 per cent. 14. A grocer bought a hogshead of wine for $75, from which several gallons leaked out; the remainder he sold for $60. What did he lose per cent.? [.02 is 2 per cent., but .2 is 20 per cent.] A. 20 per cent. 15. A man bought a piece of cloth for $20, and sold it for $25; what did he gain per cent ? 16. A grocer bought a barrel of flour for $8, what was the gain per cent.? A. 25 per cent. and sold it for $9 A. 12 per cent. $318.50, and sold A. 6 per cent. 17. A merchant bought a quantity of goods for them for $299.39; what was his loss per cent.? 18. If I buy a horse for $150, and a chaise for $250, and sell the chaise for $350 and the horse for 100, what is my gain per cent.? A. 12 per cent. 19 Bought 20 barrels of rice for $20 a barrel, and paid for transportation of it 50 cents a barrel; what will be my gain per cent. in selling it for $25.625 a barrel? A. 25 per per eent. INTEREST. LXXX. 1. INTEREST' is the premium2 given by the borrower to the lender for the use of money. 2. Interest is usually reckoned at so much per cent. like stocks; it however differs from them in limiting the per cent. to definite3 periods of time. 3. Thus, 6 per cent. per annum3 means $6, and 8 per cent. per annum, $8; each for the use of $100 for one year, and in the same proportion for a longer or shorter period of time. 4. The rate per cent. in most countries is established by law, and if a higher rate be exacted it is called usury." 5. The legal' rate varies in different countries; thus, it is 5 per cent. in England, and 6 per cent. in our country with the following exceptions. 6. In New York, S. Carolina, Michigan and Wisconsin, it is 7 per cent.; in Georgia, Alabama and Mississippi, 8 per cent.; and in Louisiana, 5 per cent.* 7. When no mention is made of the rate of interest, the lawful one is always understood. 8. If A borrows of B $1,000, and agrees to pay him 6 per cent. interest, that is, $6 for every $100, making $60 interest, A evidently owes B at the year's end, $1000 and $60, making $1060. 9. The sum lent is called the PRINCIPAL; the per cent. agreed on, the RATE; and the principal and interest added together the Amount CASE I. To find the interest for one year. [See LXXV. 8.] RULE. 1. Multiply the principal by the given rate, and cut off two more LXXX. Q. What is Interest? 1. How is it reckoned? 2. In what respect does it differ from per cent.? 2. What does 6 per cent. per annum mean? 3. What is usury? 4. What legal rates are mentioned? See 5, 6. How is the rate known when it is not mentioned? 7. How many dollars are due for the use of $1,000 for 1 year, when the rate is 6 per cent.? 7. What is the proper name for each of these terms? 9. CASE. I. Q. What is the rule for finding the interest for 1 year? 1. 1 INTEREST. Concern; advantage; good; share; portion. Regard to private property; any surplus advantage. 2 PREMIUM. Award; compensation; prize; bounty; sometimes synonymous with interest. 3 DEFINITE. Limited; determinate; certain; fixed; exact. 4 PERIOD. Circuit; epochi; a definite portion of time; end; stop; time between one occurrence and another. 5 PER ANNUM, from the Latin, per, by, and annum, a year; hence the origin of annually, meaning yearly. 6 USURY. Formerly, interest; now, illegal interest; a premium greater than that allowed by law. 7 LEGAL. Lawful; according to law. * In some of the Southern States, it is not considered usury to receive a much higher rate; thus, in Louisiana 10 per cent. is the usual rate. figures in the product, for cents or decimals, than there are cents or decimals in the given sum. 2. What is the interest of $5000 at 6 per cent. for one year What is the amount? $5 0 0 0 Principal. 6 Rate. A $ 300, 0 0 Interest. $5000 Principal. 300 Interest. A. $ 5 3 0 0 Amount. 3. What is the interest of $8000 for 1 year at 6 per cent.? Wha is the amount? A. Interest $480; Amount $8,480. 4. What is the interest of $1200 for 1 year at 5 per cent. ?—at 4 per cent. ?-at 3 per cent.? A. $60; $48; $36. 5. What is the amount of $500 for 1 year at 7 per cent.?-at 8 per cent. ?—at 51 per cent.? A. 35; $40; $27.50. 6. What is the interest of $650.62, and of $453,625, for 1 year at 7 per cent.? A. $45.54c. 34m. $31 See rule for pointing off. $ 45.5 4 3 4 7. What is the interest of $3019.20 for 1 year at 6 per cent.?—at 5 per cent.? A. 181.152; $150.96. 8. What is the amount of $1250.375 for 1 year at 3 per cent.?— at 53 per cent.? A. $1294.138+; $1322.271+. CASE II. To find the interest for more years than one. RULE. 1. Multiply the interest of one year, found as before, by the number of years. 2. What is the interest of $375.875 for 3 years at 6 per cent.? The interest for 3 years must be 3 times as much as for 1 year; thus, $375.875 × 6 per cent. ×3 years=$67.6575, Ans. 7 What is the interest and amount 3. Of $200 for 2 years at 5 per cent.? 5. Of $7.25 for 2 years at 4 per cent.? 2 A. $20; $220. A. $680; $2,380. A. $.725; $7.97. A. $.66; $1.10. 6. Of 44 cents for 15 years at 10 per cent.? 7. Of 62ct. 5 mills for 12 years at 5 per cent.? A. $.371; $1. 8. Of £400 for 3 years at 5 per cent.? CASE III. A. £60; £460. To find the interest for years and months when the rate is 6 per cent. Q. What is the interest of $400 for 1 year at 2 per cent.?-at 5 per cent.?per cent.?-10 10 per cent.?-5 per cent.? At 8 per cent. what will be the amount of $200 for 1 year?-of $300?—of $500?—of $600? CASE II. What is the rule for finding the interest for two or more years? 1. What is the amount of $500 at 6 per cent. for 1 year?-for 2 years?-for 3 years?-for 4 years?-for 5 years? RULE. 1. Multiply by half the number of months, and cut off two figures, as before. 2. For at 6 per cent. for every 12 months, the rate for any period of time is just half the months of that time. 3. What is the interest of $400 at 6 per cent. for 4mo.?-for IY. 6io.?-for 2Y. 3mo.? 4. Recollect, when no mention is made of the rate of interest, 6 10. Of $689.30 for 12Y. 3mo.? A. $506.635+; $1195.935+ 11. Of $313.06 for 1Y. 11 months? 12. Of £500 for 2Y. 1 month? A. $36+; $349.06. A. £62. 10s.; £562. 10s 13. Of 17,000 eagles for 3Y. 5 months? A. 3,485E.; 20,485E 14. Of $595.38 for 1 month? A. $2.976+; $598.356+. CASE IV. To find the interest for days when the rate is 6 per cent. 1. Since any number of days is a certain part of a month, half this part will of course express the rate per cent. for the days. RULE. 2. First reduce the days to the fractional part of a month (=30 days); next half this fraction, for the rate per cent. for the days, with which multiply, and point off as before. 3. Recollect that a fraction is halved either by dividing its numerator, or by multiplying its denominator, by 2. 4. What is the interest of $60 for 15 days? 15 days=1mo.÷2=1, the rate or multiplier. 5. What is the amount of $200 for 15 days? $ 60 A. $ 1 5 A. $200.50. A. $802.401. CASE III. When the time consists of years and months, and the rate is 6 per cent., how do you proceed? 1. What is the interest of $200 for 1 year and 8 months?—for 2 years 6 months?-for 3 years 4 months? When no per cent. is mentioned in this work, what per cent. is understood? 4. CASE IV. Q. What is the rule for days when the rate is 6 per cent.? 1. Why? 2. How is a fraction halved? 3. What is the interest of $60 for 15 days?—for 10 days?—for 5 days?—for 6 days?—for 1 day? 7. What is the interest of $240 for 10 days? 10 days=3mo.÷2, the rate and multiplier. 8. What is the amount of $3,000 for 10 days? 9. What is the amount of $480.60 for 10 days? 10. What is the interest of $120.60 for 20 days? 20 days=20mo.mo.÷2, the rate. 11. What is the amount of $40.80 for 20 days? 12. What is the amount of $3678.90 for 20 days? 13. What is the interest of $360.60 for 19 days? 19 days 18mo.÷2-13, the rate. 3 30 19 19 60 10 $ 240 A. $. 4 0 A. $3005. A. $481.401. $120.60 3 A. $.4020 A. $40.936. A. $.3691.163. $360.60 19 60 A. $1.1419 14. What is the amount of $420.30 for 19 days? A. $421.63+. 15. When the days are an even number, it will be more convenient to find what part of a month half their number is, for the rate; thus, for 20 days say 10 days are, which is the rate for 20 days. 16. What is the interest of $24.42 for 6 days? Half the days is 3; 3d. or mo.; then is the rate. A. $.024425=2ct. 4m. + 17. What is the interest of $2.442,5 for 6 days? A. 24m.+ 18. What is the interest of $.24425 for 6 days? A. $.000, +. 19. What is the amount of $600 for 20 days? A. $602. 20. What is the interest of $60 for 29 days?—for 28 days?-for 27 days?—for 26 days?—for 25 days?—for 24 days ?-for 23 days ?— for 22 days?-for 21 days? 10 A. $.29; $.28; $.27; $.26; $.25; $.24; $.23; $.22; $.21. 21. What is the interest of $1.20 for 20d.?-for 19d.?—for 18d.?for 17d.?-for 16d.?-for 15d.?-for 14d.?-for 13d.?-for 11d.? A. 4 mills; 3&m.; 3,6m.; 34m.; 3,2m.; 3m.; 2m.; 2m. 2,2m. 22. What is the interest of $960 for 10d.?-for 9d.?-for 8d.?for 7d.?-for 6d.?-for 5d.?-for 4d.?-for 3d.?-for 2d.?—for 1d.? A. $1.60; $1.44; $1.28; $1.12; $.96; $.80; $.64; $.48; $.32; $.16. CASE V. To compute the interest for years, months, and days. RULE. 1. Calculate the interest for the days as above, and the interest for the years and months by case III., then add both together. Q. When the days are an even number, what different method is suggested? 15. What is the interest of $120 for 10 days? Of $1.20 for 10 days? Of $2.40 for 15 days?-for 20 days?-for 25 days? CASE V. Q. To find the interest of $600 for 1 year 6 months 15 days, how do you obtain the multiplier? 2. What is the rule for such cases? 1. |