22. Charles has a salary of $750, his brother $850. What % does his brother receive more than he? By what per cent. is Charles's salary less than his brother's? 23. If eight pounds of imperial tea may be had for $9, and a single lb. of the same kind costs $1.20, what is the per cent. saved by buying 8 lb. at a time? 24. A gentleman is insured for $5000. His premium is $96.25. How much does he pay on a thousand? What per cent.? 25. The butcher estimates a beef to weigh 980 pounds, of which 57% is salable as meat and 64% tallow. What is the weight of the meat and tallow together? 26. Colonel A. has to pay $1200 rent, Major B. $1000. The owner of the two houses raises the rent $100 on each. What per cent. is the major's rent raised more than that of the colonel ? 27. The weight in pounds of a cubic foot of American pine, when green, is 44.75, when seasoned, 30.7. Ash Beech Cedar English oak "58.18 What per cent. does each lose in weight by being seasoned? 28. What per cent. income does Mr. Abel have more than If A. has $3000 and If A. has $1750 and Mr. Bain, if A. has $2500 and B. $2000? 29. Find what per cent. the lower income is of the higher in each of the above-mentioned cases. 30. Anna bought 8 yd. of tape for 54; Emma, 25 yd. for 154. What per cent. did Anna pay per yard more than Emma? What per cent. did Emma pay per yard less than Anna ? 31. Five men in a factory accomplish as much work as 8 boys. What per cent. of a man's work does a boy do? What per cent of a boy's work does a man accomplish? 32. If beech timber is worth 16% more than pine, what is the value of 5 cords of the former when 3 cords of the latter is worth $12 ? 33. In 1885 there were 90,920,707 shares of stock bought and sold in the New York Stock Exchange. What did the brokerage amount to at %% on both sale and purchase? 34. In 1885 the highest price paid per share for Manhattan Consolidated stock was 123/2, the lowest, 65; for Louisville and Nashville, highest, 513, lowest, 22; for Pacific Mail, highest, 70, lowest, 464. What per cent. would have been lost by buying at the highest and selling at the lowest rate in each case? 35. If a boy buys 5 tops and sells 4 for as much as the 5 cost him, what per cent. does he gain on the tops sold? What per cent. would he gain on the tops sold if he sold 3 for what 4 cost? If he sold 2 for what 3 cost? If he sold 1 for what 2 cost? 36. What per cent. would the boy lose if he sold the 5 for what 4 cost? What per cent. would he lose if he sold 5 for what 3 cost? 5 for what 2 cost? 5 for what 1 cost? 37. In 1885 there were 12,480,423 shares of C., M. and St. P. reported to have been bought and sold in the New York Stock Exchange. What did the commissions of the brokers amount to at 18% commission for buying and selling? 38. If 18 horses draw as much as 30 oxen, what per cent. less than a horse does an ox draw? What per cent. does a horse draw more than an ox? 39. In the schools of a city there are in the first year's course 8666 pupils; in the second, 3205; in the third, 3960; in the fourth, 2456; in the fifth, 2012; in the sixth, 1125; in the seventh, 654; in the eighth, 640. number in each? (What per cent. in all ?) What per cent. of the whole 40. A merchant had marked some calicoes 36¢ per yard, which was 20% above cost, but finally sells them at 33% below the marked price. What per cent. on first cost does he lose? 41. Mr. Williams has an insurance on his life for $6000. His annual premium is $185, but each year he has the benefit of a dividend of 40% on the premium of the preceding year. What is the net cost of his insurance per year (40% of $185 = ? $185 42. In consequence of a rise in the market, a merchant marks up calicoes 10%, which were already marked to sell at 25% advance on cost. What per cent. advance on first cost is the latter price ? 43. 28,000 bricks are needed for a building. How many have to be ordered, if 623% be allowed for waste? 56. A merchant sold 1/4 of a certain lot of goods at 10% profit, 3 at 20% profit, and 1% at 15% profit. The remainder, on which he lost 5%, he sold for $14212. How much did he get for the whole ? What per cent. is gained or lost when I buy 57. For $5 and sell for 61. For 204 and sell for 234 ? $7? 65. Mr. James sent his check for $2500 to a broker, with instructions to buy good stocks. The broker bought bank stock, then selling at 105% per share (par value, 100). How many shares did he buy? What sum remained to Mr. James's credit after deducting the broker's commission ? Original Problems. 1. Construct five problems, each pertaining to business trans actions: 1. Giving a base and rate per cent., to find the percentage. 2. Get from some friend engaged in any line of business a statement of some transaction requiring a calculation in percentage, and form a proper question for the class. This may be in the line of trade discount, insurance, taxes, etc., etc. 3. Find in the daily papers statements of stock sales. They will furnish a great variety of problems. 4. On occasion of a fire in your city or neighborhood, ascer tain the facts concerning insurance, and inquire what advantage was gained by insurance, if any, or what loss resulted from fail ure to insure. 5. Construct a problem in taxation on the model of any one or more of those found on page 294. 6. Suppose yourself a commission merchant buying or making sales, or both, for some party in a distant city. Your supposition may range from a transaction in a few bushels of hickory nuts to millions of bushels of grain. 7. Suppose the case of a broker buying and selling real estate for yourself, and ask his commission on various imaginary trans actions. 8. Find, if you can, a list price of books, magazines, or other articles of merchandise, with the discounts given on the same, and ask the rates per cent. gained by dealers. 9. Tell the class the number of different boys absent from school during any week or month, and ask what per cent. of the whole number of scholars were absentees. CHAPTER XV. INTEREST. 297. Interest is compensation for the use of money. We pay rent for the use of a house, hire for the use of a horse, interest for the use of money. 298. The Principal is the sum of money, for the use of which interest is paid. 299. The Rate of Interest is the rate per cent. allowed for the use of money for one year or other specified time. Note. Any given rate is understood to be the rate for one year, unless the time be specified; as, per month, per day, etc. In this book, when no rate is mentioned, 6% is understood. Thus, in the question "What is the interest of $50 for 6 months?" 6% per annum is understood. 300. Legal Interest is a rate fixed by law for cases in which no rate is specified in the agreement between the parties interested. In most of the States a limit is fixed to the rate of interest which may be received. Interest at a rate exceeding the limit allowed by law is termed usury, to which some penalty is usually attached. 301. The Amount is the sum of the principal and interest. If we hire money we return it and pay interest for the use of it, as we return a hired horse and pay for his use. 302. Simple Interest is interest on the principal alone, and is payable with the principal. 303. In the common method of computing interest, 12 months of 30 days each or 360 days are reckoned as 1 year. Note. Though this method of reckoning time is not exact, it is the most common because it is the most convenient, and in most States it is legalized by statute. |