5. An agent received P180 for buying P6000 worth of goods. What was the rate of his commission? An agent is a person who transacts business for another, such as buying or selling goods, collecting money, etc. Brokers and commission merchants are agents. The compensation of an agent is called commission or brokerage. Commission is usually a certain per cent of the cost of goods bought, a certain per cent of the amount received for goods sold, or a certain per cent of the amount collected. The net proceeds is the sum left after the commission and other expenses have been paid. There are no new principles in commission. The sum of money collected or invested is the base, the rate per cent commission is the rate, the commission is the percentage. The net proceeds is the difference, and the remittance, including both commission and investment, is the amount. 116. Written. 1. An agent sold P 2560 worth of copra. mission at 21% ? What was his com 2. A commission merchant bought 450 piculs of sugar at P3.60 per picul. What was his commission at 21% ? 3. My agent is to buy for me 1575 kilos of beans at P.24 a kilo. His commission is 31%. How much money must I send him to pay both the cost of the beans and his commission? 4. An agent received P 59 for selling P 1475 worth of rope. What was his rate of commission? 5. An agent was paid P23.80 for collecting a debt. How much did he collect if his commission was 5% ? 6. A lawyer is paid 6% for collecting P 380.50. How much must he pay over to his employer? 7. An auctioneer sold 12 beds at P12.50 each, 36 chairs at P1.25 each, and 10 tables at P8.50 each. What was his com mission at 43 %? What were the net proceeds? 8. A commission merchant sold 1240 sacks of flour at P 2.25 a sack. What was his commission at 41% ? 9. An agent received P12.24 for selling 320 kilos of coffee at P.85 a kilo. What was the rate of his commission? 10. A commission merchant sold 4200 kilos of tobacco at P.61 a kilo, and retained P 163.50, which included his commission and P35.40 for freight. What was the rate of his commission? 11. An agent sold carabaos at P120 a head on 6 % commission. His commission was P 201.60. How many carabaos did he sell? 12. The net proceeds from a sale of hemp were P 916.80. The rate of commission was 4%. What did the hemp sell for? 13. A broker received P1066 with which to buy rice, after deducting his commission of 4%. Find his commission. 14. A farmer in Laguna province sent his mangos to Manila for one season, to be sold by an agent. After deducting his commission of 8 %, the agent sent the owner P161.46. For how much did the mangos sell? 15. A commission merchant received P546 for selling 75 carabaos on a commission of 6%. What was the average selling price of the carabaos? 16. I sent my agent in Japan P4845 to invest in coal at P9.50 a ton, after deducting his commission of 2%. How many tons did he buy? 17. An agent receives P5754 with which he is to buy land, after deducting a commission of 5%. How many hektars of land can he buy at P68.50 per hektar? 117. Oral. TRADE DISCOUNT When a retail dealer pays cash for his goods, a deduction is usually made from the marked price. When the wholesale price of merchandise falls, the wholesale dealer sometimes deducts a certain per cent from the marked price, instead of making a new price list. Sometimes several such discounts are allowed. In either case the deduction is called a trade discount. The list price is the price given in the price list. The net price, or net amount, is the list price less the discount. 1. What must I pay for a piano listed at P 500, if I get 20 % discount? 20%, or, of P500 = P 100, the discount. P500 - P 100 P400, the price paid; or, deducting 20% is the same as paying 80% of the price. 80% of P500P 400. 2. What must I pay for goods marked at P1200, with a discount of 163 % ? 3. What do I pay for a pair of shoes listed at P4.50, with 10% off for cash? 4. What is the net price of a bill of goods listed at P2000, discount 12,%? 118. Written. What is the net amount of goods valued at P 800, discounted 25%, with a second discount of 10% off for cash? P 800 200 1st discount 600 1st remainder · 60 2d discount P540 2d remainder, or net amount 25% of P 800, or P200, is the first discount. 800 - P 200 P600, the first remainder. This remainder is used as the base for the second discount. 10% of P 600 = :P 60. P 600P 60 = P 540, net amount. When there are two or more discounts, the first is computed on the list price, the second is computed on the first remainder as a base, the third on the second remainder as a base, etc. Find the net amount of goods marked at: 1. P1200, with discounts 25% and 15%. 8. An importer buys goods at a discount of 25% from the list price and sells them at a discount of 10% from the list price. What is his gain per cent? 9. Which is the better bargain and how much, to buy a 150peso carromata at 40% off, or 20% and 20% off? If 10. A dealer buys 227,500 coconuts at P24 a thousand. he is allowed 5% off for cash and sells them for P2.75 a hundred, how much does he gain? 11. Find a single rate of discount equivalent to 20%, 10%, and 5% off. 12. If a grocer buys sugar listed at P.22 a kilo at a discount of 10%, and sells it at P.23 a kilo, what is his gain per cent? 13. One lumber merchant offers to sell me P2000 worth of lumber with discounts of 20%, 10%, and 5%; another merchant offers it with discounts of 15%, 15%, and 5%. Which is the better bargain, and what is the difference in pesos? 14. A bill of hardware is as follows: P 40.40 at 25% off; P125 at 20% and 10% off; P 75.40 at 15% off; and P 60.50 at 20% and 5% off. What is the net amount of the bill? The expenses of government are paid by taxes, which are sums of money levied on persons, on property, or on business; by duties, or customs, which are charges on goods imported or exported; and by internal revenue, which consists of charges on certain goods manufactured or produced. Real estate, or real property, is immovable property, such as houses and lands. Personal property is movable property, such as money, horses, cattle, household goods, farm products, etc. The value of real property in the Philippines is declared by the owner and revised by boards of assessors. Most male residents of the Philippines between eighteen and sixty years of age pay a cedula tax of P 1. This is increased to P2 if not paid before a certain date. A land tax that is not paid when due has a 15% penalty added. Applying the principles of percentage, the assessed value of the property is the base, the per cent of taxation is the rate, and the tax is the percentage. The fiscal year for taxation in the Philippines begins July 1st of one year and ends June 30th of the next year. 1. My real property is assessed at P4000. What is the tax at 1%? At 11%? At &%? 2. If the tax on P600 worth of property is P3, what is the tax rate? 3. If a 2% tax on a certain property gives P 32, what is the assessed value of the property? 4. Give the tax when the property value is P12,000, rate 1%; property P 4800, rate %; property P 2200, rate 11⁄2 %. |