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5. 150 boxes plate glass (each 25 plates 16 in. by 24 in.), duty $.08 per square foot.

6. 800 yd. Brussels carpet 27 in. wide, valued at $1.45 per yard. Duty 40% plus $.44 per square yard.

Explain the different kinds of duty in this problem.

7. 500 boxes cigars (each box weighing 1 lb. and containing 100 cigars) invoiced at $3.50. Duty 25% plus $4.50 per pound.

8. The specific duty on macaroni is 1 per pound. If the duty is $57.90, find the number of pounds imported.

9. A department store in Buffalo imported from London 31 tons (1. T.) of woolen blankets invoiced at 40 cents per pound, subject to a specific duty of 22 cents per pound and an ad valorem duty of 30%. How much duty was paid?

10. A merchant imported from Sheffield, England, 12 gross of table knives costing 10s. per dozen in Sheffield. If the duty was $1.44 per dozen and 15% ad valorem, and transportation $9.60, find the cost per dozen delivered.

11. A certain painting in Rome is purchased for 50000 lire ($.193). Find the cost when delivered in New York, if the duty is 20% and freight and insurance $ 49.75.

12. Find the entire cost of importing 3000 lb. of worsted yarn, invoiced at £ 360, if the freight charges are $11.75; duty 271 per pound; and 40% ad valorem.

13. Brown & Co. import 1200 sacks of cocoa, each containing 90 lb. If the duty is 21 per pound and tare 1%, find the duty on the goods when imported.

14. An importer paid $480 duty on lace on which he paid a duty of 60 %. If the lace cost 50% per yard, find the number of yards imported.

INTEREST

Interest is money paid for the use of

The principal is the sum loaned.

money.

The amount is the principal plus the interest.

The rate is the number of hundredths of the principal paid for its use for one year.

Time is always a factor in computing interest.

SIMPLE INTEREST

Simple interest is interest allowed on the principal only. Interest is generally computed on the basis of a year of 12 months of 30 days each,, or 360 days. This is called simple or common interest.

1. How much is the interest on $200 at 6% for 1 year? for 1 month? for 15 days?

2. How much is the interest on $100 at 6% for 1 year? for 1 month? for 15 days?

How much is the interest at 6% on:

3. $100 for 1 years?

4. $200 for 21 years?
5. $200 for 6 months?
6. $300 for 9 months?
7. $200 for 60 days?
8. $600 for 90 days?
9. $500 for 4 months?

10. $200 for 120 days?

11. $60 for 1 year 1 month?
12. $600 for 240 days?
13. $300 for 30 days? 1 day?

14.

$500 for 11 mo. 12 da.?

15.

$700 for 6 mo. 15 da. ?

16. $800 for 3 mo, 5 da,?

Written Work

1. Find the interest on $600 for 2 yr. 9 mo. at 6%.

$600 .06

$36.00

=

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$27

principal
rate
int. for 1 yr.

= time in years

=int. for 9 mo.

72

$99

=int. for 2 yr.
=int. for 2 yr.

9 mo.

Comparative Study

1. The principal corresponds to what term in Percentage?

2. The rate corresponds to what term in Percentage?

3. The interest corresponds to what term in Percentage?

4. What term is found in interest that is not found in Percentage?

The interest equals the product of the principal, the rate, and

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Method by Aliquot Parts for Years, Months, and Days

Written Work

1. Find the amount of $ 960 for 3 yr. 7 mo. 18 da. at 5%.

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Find the amount of:

2. $1400 for 3 yr. 3 mo. 12 da. at 6%. 3. $975 for 5 yr. 8 mo. 24 da. at 41%. 4. $360 for 4 yr. 5 mo. 10 da. at 51%. 5. $480 for 2 yr. 9 mo. 15 da. at 7%. 6. $2700 for 6 yr. 6 mo. 20 da. at 5%. 7. $1040 for 4 yr. 9 mo. 18 da. at 8%. 8. $176.45 for 3 yr. 7 mo. 25 da. at 6%. 9. $1840 for 5 yr. 4 mo. 27 da. at 41%. 10. $1875 for 7 yr. 2 mo. 6 da. at 8%. 11. $200 for 2 yr. 1 mo. 15 da. at 6%. 12. $1200 for 1 yr. 8 mo. 10 da. at 7%. 13. $97.30 for 3 yr. 3 mo. 3 da. at 8%. 14. $3500 for 2 yr. 7 mo. 24 da. at 6%.

Find the interest on :

15. $1575 at 5% from Jan. 3, 1907 to Sept. 5, 1909.

16. $1790.80 at 41% from Sept. 8, 1906 to Dec. 10, 1910. 17. $2005 at 31% from June 12, 1906 to Oct. 8, 1909. 18. $4000 at 43% for 5 yr. 8 mo. 21 da.

19. $4670 at 51% from Oct. 10, 1906 to June 5, 1907. 20. $2890 at 61% from April 3, 1905 to Oct. 1, 1908. 21. $290.75 at 6% from May 8, 1905 to Sept. 19, 1908. 22. $980.60 at 51% from Aug. 7, 1906 to June 7, 1912. 23. $759.40 at 7% from May 9, 1907 to June 10, 1909. 24. $800.50 at 41% for 1 yr. 7 mo. 20 da.

25. $200.80 at 51% from May 3, 1906 to Sept. 5, 1911.

The Sixty Day Six Per Cent Method

Since the interest on $100 at 6% for 1 yr. is $6, the interest for 60 da. ( of a year) = }} of $6, or $1.

How much is the interest at 6% for 60 days on :

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1.

Find the interest at 6% on $650 for 90 days.

Interest for 60 days (2 mo.) = $6.50

Interest for 30 days (1 mo.) = $3.25

Interest for 90 days (3 mo.)

=

$9.75

The interest of any principal for 60 da. (2 mo.) at 6% is found by moving the decimal point in the principal two places to the left.

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