NEW ENGLAND CURRENCY.-1 dollar, in this currency, is 6 s. 72 pence, that is, To, or '3 of a pound. Therefore,-To reduce New England currency to federal money,-Divide the given sum by '3. 3) £.6'576 New England currency. $21'92 federal money, Answer. NEW YORK CURRENCY.-1 dollar, in this currency, is 8 s. = 96 pence, that is, 29% = , or '4 of a pound. Therefore, -To reduce New York currency to federal money,-Divide the given sum by '4. '4) £.6'576 New York currency. $16'44 federal money, Answer. = PENNSYLVANIA CURRENCY.-1 dollar, in this currency, is 7s 6 d. 90 pence, that is, of a pound. Therefore,To reduce Pennsylvania currency to federal money,-Divide by , that is, multiply the given sum by 8, and divide the proJuct by 3. £.6'576 Pennsylvania currency. 8 3)52'608 $17'536 federal money, Answer. GEORGIA CURRENCY.-1 dollar, Georgia currency, is 4 & 8 d. 56 pence, that is, of a pound. Therefore,To reduce Georgia currency to federal money,-Divide by o that is, multiply the given sum by 30, and divide the product by 7. £. 6'576 Georgia currency. 30 7)197'280 $28 1829 federal money, Answer. From the foregoing examples, we derive the following general RULE:-To reduce English money, and the currencies of Canada and the several States, to federal money,-First, re duce the shillings, &c., if any in the given sum, to the decimal of a pound; this being done, divide the given sum by such fractional part as 1 dollar, in the given currency, is a fractional part of 1 pound. EXAMPLES FOR PRACTICE. 2. Reduce 125£., in each of the before named currencies, to federal money. 125. English money, Answers. $416'6663- 3. Reduce 1 s. 6 d., in the several currencies, to federal money. 125£. Pennsylvania ... Answers. 1 s. 6 d. — '075£. English money, is $'333; Canada currency, it is $30; New England currency, it is $25; New York currency, it is $1874; Pennsylvania currency, it is $ '20; Georgia currency, it is $3214. 4. Reduce 75£. 15 s., in the several currencies, to federal Answer. 118'25, changed to N. York money. 5. Reduce 18 £.0 s. 8 d., in the several currencies, to federal money. 6. Reduce 41 d., in the several currencies, to federal money. 7. Reduce 36£. 3 s. 7 d., in the several currencies, to federal money. English money, ¶ 79. To reduce federal money to any of the before named currencies, reverse the process in the foregoing operations; that is,-Multiply the given sum in federal money by such fractional part as 1 dollar, in that currency to which you would reduce it, is of 1 pound. The product will be the answer in pounds and decimals of a pound, which must be reduced to shillings, pence and farthings, by inspection, as already taught, ¶ 77. EXAMPLES FOR PRACTICE. 1. Reduce $118'25 to the several before named currencies. £. s. d. is 26 12 14 ... 29 11 3. Pennsylvania N. England currency, ... 35 9 ................................... ... 6. 47 6 0. 44 6 101 2. Change $250 to the several currencies. T80. It may sometimes be required to reduce one cur rency to the par, or equality of another currency. 1. Reduce 35£. 6 s. 8 d., English money, to N. England currency. $1 is 4 s. 6 d. 54 d. English money. $1 is 6 s. 72 d. N. England currency; that is, the value of any number of pounds, shillings, pence, &c., English money, is = of the same in N. England currency; consequently,-To reduce English money to N. England currency,-Multiply by, or, which is the same, increase it by part of itself. Thus, English money, is £. s. d. 6 3) 35 11 15 2 47 2 2 2 New England currency, Answer. Hence we have this general RULE for finding a multiplier to reduce any currency to the par of another : Make $1 in pence, of the currency to be reduced, the deBominator of a fraction, over which write $1 in pence, of the currency to which it is to be reduced, for a numerator. This fraction may then be reduced to its lowest terms be fore multiplying. On the same principles, let the pupil form for himself multialiers, by which To reduce English money to Canada, N. York, Pennsylva nia, and Georgia currencies. Canada currency to English, N. England, N. N. York currency to English, Canada, N. Eng land, Pennsylvania, and Georgia currencies. Pennsylvania currency to English, Canada, N. England, N. York, and Georgia currencies. Georgia currency to English, Canada, N. Eng land, N. York, and Pennsylvania currencies Livre of France, Silver Rouble of Russia, Rates at which the following foreign coins are estimated at the Custom Houses of the United States. Florin or Guilder of the United Netherlands, 2. Reduce 8764 livres to federal money. '18 $18 675 '40. $331 '10. '05. 1'24 $1'48. $1'84 '50. f INTEREST. ¶ 81. Interest is an allowance made by a debtor to a creditor for the use of money. It is computed at a certain number of dollars for the use of each hundred dollars, or so many pounds for each hundred pounds, &c. one year, and in the same proportion for a greater or less sum, or for a longer or shorter time. The number of dollars so paid for the use of a hundred dollars, one year, is called the rate per cent. or per centum; the words per cent. or per centum signifying by the hundred The highest rate allowed by law in the New England States, is 6 per cent.,* that is, 6 dollars for a 100 dollars, 6 cents for a 100 cents, 6 pounds for a 100, &c.; in other words, 8 of the sum lent or due is paid for the use of it one year. This is called legal interest, and will here be understood when no other rate is mentioned. • In the State of New York, 7 per cent. is the legal interest; in England g interest is 5 per cent. Let us suppose the sum lent, or due, to be $1. The 100th part of $ 1, or do of a dollar, is 1 cent, and 8 of a dollar, the legal interest, is 6 cents, which, written as a decimal fraction, is expressed thus, '06. So of any other rate per cent. 1 per cent., expressed as a common fraction, is Too; decimally, per cent. is a half of 1 per cent., that is, Note. The rate per cent. is a decimal carried to two places, that is, to hundredths; all decimal expressions lower than hundredths are parts of 1 per cent. per cent., for instance, is '625 of 1 per cent., that is, '00625. Write 24 per cent. as a 2 per cent. is '02, and Write 4 per cent. as a 42 per cent. 8 per cent. 91 per cent. is; decimally, '10.) cent. cent. cent. ceut. 121 per cent. '01. '005. '0025. '0075. decimal fraction. Ans. '025. 41 per 71 per 9 per 10 per cent, (10 per cent. 11 per 101 per cent. 1. If the interest on $1, for 1 year, be 6 cents, what will be the interest on $17 for the same time? It will be 17 times 6 cents, or 6 times 17, which is the same thing: 17 '06 1'02 Answer; that is, 1 dollar and 2 cents. To find the interest on any sum for 1 year, it is evident we need only to multiply it by the rate per cent. written as a decimal fraction. The product, observing to place the point as directed in multiplication of decimal fractions, will be the interest required. Note. PRINCIPAL is the money due, for which interest is paid. AMOUNT is the principal and interest added together. 0 |