2. What will be the interest of $32'15, 1 year, at 41 per eent.? $32'15 principal. '045 rate per cent. 16075 12860 Ans. $1'44675 There being five decimal places in the multiplicand and multiplier, five figures must be pointed off for decimals from the product, which gives the answer,-1 dollar, 44 cents, 6 mills, and 75% of a mill. Parts of a mill are not generally regarded; hence, $1'446 is sufficiently exact for the answer. 3. What will be the interest of $11'04 for 1 year, at 3 per cent. ? at 74 per cent.? at 10 per cent.? per cent. ? at 5 per cent. ? at 6 per cent. ? at 81 per cent. ?' at 9 per cent. ? at 10 per cent.? at 11 per cent.? at 12 per cent. at 12 per cent. ? at 11 4. A tax on a certain town is $1627'18, on which the collector is to receive 24 per cent. for collecting; what will he receive for collecting the whole tax at that rate ? Ans. $40'679. Note. In the same way are calculated commission, insurance, buying and selling stocks, loss and gain, or any thing else rated at so much per cent. without respect to time. 5. What must a man, paying $0'37 on a dollar, pay on a debt of $132′25 ? Ans. $49'593. 6. A merchant, having purchased goods to the amount of $580, sold them so as to gain 12 per cent., that is, 124 cents on each 100 cents, and in the same proportion for a greater or less sum; what was his whole gain, and what was the whole amount for which he sold the goods? Ans. His whole gain was $72'50; whole amount $652 50. 7. A merchant bought a quantity of goods for $763'37; how much must he sell them for to gain 15 per cent. ? Ans. $ 877'881. T82. COMMISSION is an allowance of so much per cent. to a person called a correspondent, factor, or broker, for as sisting merchants and others in purchasing and selling goods. 8. My correspondent sends me word that he has purchased goods to the value of $1286, on my account; what will his commission come to at 24 per cent.? Ans. $32'15. 9. What must I allow my correspondent for selling goods to the amount of $2317'46, at a commission of 34 per cent.? Ans. $75'317. INSURANCE is an exemption from hazard, obtained by the payment of a certain sum, which is generally so much per cent. on the estimated value of the property insured. PREMIUM is the sum paid by the insured for the insurance. POLICY is the name given to the instrument or writing, by which the contract of indemnity is effected between the insurer and insured. 10. What will be the premium for insuring a ship and cargo from Boston to Amsterdam, valued at $37800, at 44 per cent.? Ans. $1701. 11. What will be the annual premium for insurance on a house against loss from fire, valued at $3500, at per cent.? By removing the separatrix 2 figures towards the left, it is evident, the sum itself may be made to express the premium at 1 per cent., of which the given rate parts may be taken; thus, 1 per cent. on $3500 is $35'00, and of $35'00 is $26'25, Answer. at per at 12. What will be the premium for insurance on a ship and cargo valued at $25156'86, at per cent.? at per cent. ? at per cent? Ans. At per cent. the premium is $157'23. cent.? per cent. ? STOCK is a general name for the capital of any trading company or corporation, or of a fund established by govern ment. The value of stock is variable. When 100 dollars of stock sells for 100 dollars in money, the stock is said to be at par, which is a Latin word signifying equal; when for more, it is said to be above par; when for less, it is said to be be low par. 13. What is the value of $7564 of stock, at 1124 per cent.? that is, when 1 dollar of stock sells for 1 dollar 124 cents in money, which is 124 per cent. above par, or 121 per cent. advance, as it is sometimes called. Ans. $8509'50. 14. What is the value of $3700 of bank stock, at 954 per cent., that is, 41 per cent. below par? Ans. $3533'50. 15. What is the value of $120 of stock, at 921 per cent.? at 861 per cent.? at 67 per cent. ? per cent.? Loss AND GAIN. at 104 at 115 per cent. ? 16. Bought a hogshead of molasses for $60; for how much must I sell it to gain 20 per cent.? Ans. $72. 17. Bought broadcloth at $250 per yard; but, it being damaged, I am willing to sell it so as to lose 12 per cent.; how much will it be per yard? Ans. $2'20. 18. Bought calico at 20 cents per yard; how must I sell it 10 per cent. ? 15 per cent.? Ans. to the last, 16 cents per yard. to gain 5 per cent. ? 1 83. We have seen how interest is cast on any sum of money, when the time is one year; but it is frequently ne cessary to cast interest for months and days. Now, the interest on $1 for 1 year, at 6 per cent., being. '06, is '01 cent for 2 months, '005 mills (or a cent) for 1 month of 30 days, (for so we reckon a month in casting interest,) and '001 mill for every 6 days; 6 being contained 5 times in 30. Hence, it is very easy to find by inspection, that is, to cast in the mind, the interest on 1 dollar, at 6 per cent. for any given time. The cents, it is evident, will be equal to half the greatest even number of the months; the mills will be 5 for the odd month, if there be one, and 1 for every time 6 is contained in the given number of the days. Suppose the interest of $ 1, at 6 per cent., be required for 9 months, and 18 days. The greatest even number of the months is 8 half of which will be the cents, '04; the mills, reckoning 5 for the odd month, and 3 for the 18 (3 times 6 18) days, will be '008, which, united with the cents, ('048,) give 4 cents 8 mills for the interest of $1 for 9 months and 18 days. 1. What will be the interest on $1 for 5 months 6 days? 6 months 12 days? 24 days? 9 months 12 days? months 6 days? 16 months? I Taylor ODD DAYS. 16 days? 2. What is the interest of $1 for 13 months The cents will be 6, and the mills 5, for the odd month, and 2 for 2 times 6 12 days, and there is a remainder of 4 days, the interest for which will be such part of 1 mill as 4 days is part of 6 days, that is, of a mill. Ans. '0673. : 3. What will be the interest of $1 for 1 month 8 days? 2 months 7 days? 3 months 15 days? 5 months 11 days? months 22 days? -- 4 6 months 17 days? 7 months 3 days? 8 months 11 days? 9 months 2 days? 10 months 15 days? 11 months 4 days? 12 months 3 days? Note. If there is no odd month, and the number of days be less than 6, so that there are no mills, it is evident, a cipher must be put in the place of mills; thus, in the last example,-12 months 3 days, the cents will be '06, the mills 0, the 3 days a mill. Ans. '060 4. What will be the interest of $1 for 2 months 1 day? 4 months 2 days? months 4 days? for 1 day? for 5 days? 5. What is the interest of $56'13 for 8 months 5 days? The interest of $1, for the given time, is '040g; therefore, †) and 1) $56′13 principal. 5 days '040% interest of $1 for the given time 224520 interest for 8 months. 2806 interest for 3 days. 2'29197, Ans. $2'291. 3 days+2 days. As the multiplicand is taken ce for every 6 days, for 3 days take, for 2 days take very of the multiplicand.+. So also, if the odd days be 42 days + 2 days, take of the multiplicand twice; for 1 day, take t Note. If the sum on which interest is to be cast be less than $10, the interest, for any number of days less than 6, will be less than 1 cent; consequently, in business, if the sum be less than $ 10, such days need not be regarded. From the illustrations now given, it is evident,-To find the interest of any sum in federal money, at 6 per cent., it is only necessary to multiply the principal by the interest of $1 for the given time, found as above directed, and written as a decimal fraction, remembering to point off as many places for decimals in the product as there are decimal places in both the factors counted together. EXAMPLES FOR PRACTICE. 6. What is the interest of $87'19 for 1 year 3 months? 7. Interest of $116,08 for 11 mo. 19 days? Ans. $6'539. $6'751. of $200 for 8 mo. 4 days? $8'132. press the interest in mills for six days, of which we may take parts. Thus, 6) 15000 mills, 2'500, that is, $2'50, Ans. to the last. When the interest is required for a large number of years, it will be more convenient to find the interest for one year, and multiply it by the number of years; after which find the interest for the months and days, if any, as usual. 18. What is the interest of $1000 for 120 years? Ans. $7200 19. What is the interest of $520'04 for 30 years and 6 months? Ans. $951'678. |