In estimates, and for small change, we use 1 pound about $ 5, 1 franc about 20%, 1 mark about 25.

Exercises and Applications in Duties and Customs

198. 1. A shipment of silk from France, weighing 300 pounds and costing 2700 francs, was taxed at New York Customs, 40% a pound specific duty, and 15% ad valorem. How much duty was charged?

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$.40 x 300 $120, specific duty. 2700 francs = $521.10.

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$521.10.15 $78.17, ad valorem duty. $120+ $78.17 $198.17. Ans.

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2. Find the duty on 200 yards of woolen goods, imported from England, and invoiced at 7s. 2d. per yard, and weighing 11 pounds to the yard, the duty being 44 per pound, and 55% specific.

3. A merchant imported musical instruments from Switzerland, invoiced at 3000 francs. What was the duty at 45% ?

4. What is the duty on potatoes weighing 1200 lb., the duty being 25 a bushel specific? (Allow 60 lb. to the bushel.)

5. What is the duty on one ton of corn meal at 20¢ a bushel of 48 lb. ?

6. What is the duty on 500 lb. of lemons, the rate being 14 a pound specific?

7. What is the duty on 10 gross of lead pencils costing $3 per gross in a foreign country, the rate of duty being 45 a gross specific, and 25% ad valorem ?

8. What is the duty on ton of butter, the rate being 6 a pound?

9. Bought cows in Holland at 200 florins each, and paid duty at 27% ad valorem.

Counting 40 to the florin, find the duty on each cow.

10. If an imported watch costs me $60 in New York, the duty being 40%, what was its list cost in Switzerland expressed in francs?

11. What is the duty on 25 lb. of perfumery that cost $2 a pound in Germany, when the rate is 60 a pound, and 45%?

12. When the duty on toy games is 35%, what indirect tax does a merchant pay who imports toy games that cost him 500 francs in Switzerland ?

13. What is the duty on a musical clock bought in Geneva at 125 francs, the duty being 40 % ad valorem?

14. A man buys books in London for 10 pounds and ships them to Boston. What duty will be charged, the rate being 25%?

15. What is the duty on 2 dozen English razors, costing 1 pound a dozen in London, the rate being $1.75 per dozen, and 20%?

16. What is the internal revenue tax on 5 gallons of alcohol, the tax being $1.10 per gallon?

17. What is the internal revenue tax on 500 lb. of oleomargarine manufactured in this country, the rate being 24 per pound?

18. What is the tax on 250 lb. of oleomargarine manufactured in a foreign country, the rate being 15¢ per pound?

19. The internal revenue tax on snuff and manufactured tobacco is 6 per pound. Find the tax on 250 lb. of snuff.

20. The internal revenue tax on cigars weighing over 3 lb. to the 1000 is $3 per 1000. Find the tax on a box of 100 cigars of this weight.

21. The internal revenue tax on cigars weighing 3 lb. or less per 1000 is $1 per 1000.

tax on a box of 50 cigars of this weight.

Find the

22. The internal revenue tax is $1.10 per gallon on whisky. Find the tax on a barrel of whisky containing 30 gallons.

INTEREST

199. Interest is the sum paid for the use of money.

200. The principal is the money for the use of which the interest is paid.

201. The rate of interest is expressed in per cent of the principal for the time of one year Interest

at 6% means that a sum equal to 6 % of the principal is to be paid each year as interest.

202. The sum of the principal and the interest is often called the amount.

203. Time is always an important factor in computing interest. In ordinary calculations, the year is considered as 360 days, that the months may be considered as 30 days each.

204. The interest equals the product of the principal, the rate, and the time expressed in years.

The United States government uses accurate or exact interest, taking the actual number of days between dates and reckoning 365 days to the year. This method is used by some banks for large sums of money, and in legal calculations in courts.

Applications of Interest

205. 1. Find the interest on $500 for 2 yr. at 5%. $500 x .05 x 2 = $50. Ans.

2. Find the interest on $400 for 1 yr. 8 mo. at $6%.

1

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yr. 8 mo. 20 mo. or 2 yr.

$400 × .06 × = $. Ans.

3. Find the interest on $ 600 from Dec. 12, 1909, to Feb. 1, 1910, at 6%.

4. Find the interest on $500 for 42 days at 6 %. 5. Find the interest on $9600 from May 16 to Aug. 14 at 5%.

6. Find the interest on $500 for 1 yr. 12 da. at 5%.

5 mo.

7. Find the interest on $750 for 7 mo. 20 da. at 6%.

8. Find the interest on $350 for 1 yr. 3 mo. 18 da. at 6%.

9. Find the interest on $850 for 2 yr. 7 mo. 24 da. at 4 %.

10. Find the interest at 41% on $275 from Jan. 6 to Oct. 12.

11. Find the interest on $480 for 18 days at 6 %. 12. Find the interest on $ 3600 for 30 days at 4 %. 13. Find the exact interest on $3600 for 30 days at 4%.

14. Find the exact interest on $7500 for 10 days at 6 %.

15. Find the exact interest on $25000 for 24 days at 5%.

206. For convenience in reckoning time between dates, people who have a large number of examples in interest to work use a table like the one given on the following page: