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2. The Rate is the rate of premium. 3. The Percentage is the premium.
= amount insured x rate %. Rate %
= premium ; amount insured. Amount insured = premium ; rate %. Property and premium = property (1 – rate %).
1. A insured his store for $7,500 at 23% : what was the premium ?
2. If I insure my mill for $12,000 at .0265, what amount of premium do I pay ?
3. If the premium on an insurance of $20,000 is $350, what is the rate ?
4. A steamer and cargo worth $450,000 are insured for
of their value. The premium is $6,750 : what is the rate ?
5. A drover paid $75 premium at $.30 per $100 for insurance on the value of a drove of cattle : what was the value of the herd ?
6. What will it cost to insure at 21%, property valued at $6,000, to cover of the property ?
7. A man obtained a life policy for $5,000 at the rate of $10.70 per $1,000 : what was his annual premium?
8. A man at the age of 40 years was insured for $3,000 at the rate of $17.60 per $1,000, payable semi-annually. At the age of 45 years, he was lost at sea. How much did the sum due his family exceed the amount of the premiums paid ?
9. Illustrate by an original problem the method of finding the premium, when the rate and amount insured are given.
10. Illustrate by an original problem the method of
finding the rate of insurance, when the premium and amount of insurance are given.
11. Illustrate by an original problem the method of finding the amount of insurance, when the premium and rate per cent. are given.
ART. 280.—Taxes are sums of money levied on persons, property or business for public purposes.
ART. 281.–Poll or Capitation Tax is a tax on every citizen without regard to his property.
ART. 282.–Property Tax is a tax upon property, and is assessed at a given rate per cent. of the valuation, or at the rate of a given number of mills on a dollar, or a number of cents on each $100.
ART. 283.—Real Estate is such property as houses and lands.
ART. 284.–Personal Property is movable property, such as merchandise, cattle, stocks, etc.
ART. 285.—An Assessor is an officer who appraises property and apportions taxes.
The processes in Taxes are governed by the principles of Percentage. Formulas.--Tax
= property x rate %. Rate %
tax - property. Amt. of taxes collected net proceeds • (1
rate % charged for collection).
1. The taxable property of a town was $850,000 and the rate 8 mills on a dollar : what amount was raised ?
2. A tax of $6,450 was levied upon the taxable property of a county, valued at $1,935,000 : what was the rate, and what was the tax upon a farm worth $5,600 ?
3. The real estate in Bayville was assessed at $1,250,000; personal property at $1,050,000 ; and there were 320 polls assessed at $1.50 each : what was the total amount of tax raised, the rate being 6 mills on a dollar ?
4. How much did A pay, whose real estate was worth $20,000, personal property $15,000 ?
5. How much did B pay, whose real estate was worth $16,500, personal property, $14,000, and who paid for 2 polls ?
6. A tax of $7,200 was levied upon property valued at $1,800,000 : what was the rate ?
7. If property valued at $36,000 is taxed $120, what is the value at the same rate, of property taxed $75 ?
8. A's entire tax, including three polls at $1.50, is $204.50 : if the rate is 8 mills on $1, what is the value of his property?
9. A certain town is taxed $16,500; the real estate amounts to $850,000 and personal property to $350,000; there are 500 polls, each taxed at $1 : what is the rate ?
10. How much is C's tax, who pays for 3 polls and whose taxable property is $8,500 ?
11. In a certain school, the salary of the teacher was $800; the cost of fuel $36, and of repairs $30. The school fund, received from the State, was $386, and the rest of the expense was paid by the patrons of the school. There were 60 pupils enrolled, and their average attendance during the school year, was 40 days apiece: what did Mr. Glenn pay, who sent two children 150 days each and one child 124 days ?
12. Illustrate by an original problem the method of assessing taxes.
Duties and Customs. ART. 286.—Duties and Customs are taxes assessed by the Government on imported goods, for revenue or for the protection of home industry.
ART. 287.-Ports of Entry are established by the Government for the collection of duties. At every port of entry there is a custom house, in charge of a Collector of Customs.
ART. 288.-Duties are of two kinds-Ad Valorem and Specific.
ART. 289.-Ad Valorem Duty is a certain percentage assessed on the actual cost of the goods in the country from which they are imported.
ART. 290.—Specific Duty is a tax assessed on the quantity of the goods.
ART. 291.—Tare is a specified allowance for the weight of the box, bag, or cask containing the goods.
ART. 292.—Leakage and Breakage are allowances for the loss of liquids.
ART. 293.-An Invoice or Manifest is a written statement of a ship’s cargo, showing where the goods were shipped, their quantity, quality, to whom consigned, etc.
ART. 294.—Gross Weight or Value is the weight or value of the goods before any allowances are made.
ART. 295.-Net Weight or Value is the weight or value of the goods, after all allowances have been made.
The processes under Duties and Customs are based on the principles of Percentage.
Formulas.-Ad valorem duty = net inv. price x rate %.
Net inv. price ad val. duty • rate %.
1. What is the duty on 500 yards of broadcloth, valued at $1.75 per yard, at 25% ad valorem ?
2. What is the duty on 2,800 pounds of ginger-root at 2 cents a pound, tare being 4% ?
3. What is the duty at 4 cents a pound on 3,250 pounds of coffee, allowing 5% for tare ?
4. Coudray & Company imported from Havana 50 hogsheads of molasses, each containing 63 gallons, duty 3 cents a gallon ; 50 boxes of sugar weighing 450 pounds each, duty 24 cents a pound, and 200 boxes of cigars, invoiced @ $18 per box, duty 33% ad valorem : how much was the total duty paid ?
5. What is the ad valorem duty at 25%, on 140 chests of tea, each weighing 50 pounds, and invoiced at 44 cents a pound, the tare being 4 pounds per chest ?
6. The duty on 400 drums of figs, containing 15 pounds each, invoiced at 4 cents a pound, was $27: what was the rate ?
7. A merchant imported 40 dozen bottles of champagne costing $15 per dozen: what was the duty at $5.50 per dozen, breakage being 5%?
8. A wine merchant imported 48 casks of Madeira wine valued at $55 a cask, and 50 casks of sherry wine valued at $64 a cask : if an allowance of 3% is made for leakage, what will be the duty at 42% ad valorem ?
9. The duty on 1,800 yards of silk at 335% ad valorem was $1,200 : for what price per yard must it be sold that the importer may clear 163% ?
10. Illustrate Duties and Customs by an original problem.