XVI NOTES ON CHAPTER THIRTEEN 1008. The word “endorsement” means something that is written on the back of a document. As applied to notes, checks, drafts, etc., it generally means the signature of the person in whose favor the note, check, etc., is made out, which is written on the back in order to transfer the ownership. If the payee of the following note sells it to William Simms, he writes his name on the back, as shown below. ACCOTINK, VA., March 4, 1897. Four months after date, I promise to pay to the order of James McWilliams, Two Hundred Dollars, value received, at the Pohick National Bank. $ 200,000 VICTOR STRUDER. The effect of the “ endorsement in blank" is to make it payable to any holder; the "endorsement in full” transfers it to William Simms, who may transfer it to another by either kind of endorsement. Besides transferring ownership in a note, the effect of an endorsement is generally to bind the signer to pay the note, in case of default by the maker or preceding endorsers. This liability is avoided if the endorser writes after his name the words, “ without recourse." The “endorsements” mentioned in this chapter are a record of the payments received by the holder of the note. This is usually kept on the back of the note, the date and the amount received being written in each instance. 1010. Although the maker of a note is generally supposed to pay the interest at the end of each year, the U.S. Courts, by whom this rule has been formulated, do not permit the collection of interest upon deferred payments of interest. This rule is followed in all the states except Connecticut (see Art. 1307) for computing the amount due on notes that do not expressly provide for the payment of interest annually (Art. 1172). Connecticut pupils should learn only their own rule; in other states, no reference whatever to the Connecticut rule should be made. See Art. 1307 for Connecticut-rule answers to the partial payment examples of this chapter. 1013. 6. Let 100 x = cost of coal; 2 x = commission. 102 x = cost of coal+ commission = 7650. 2015. 1. The man expended 30% of 50% off of his money, or ļo xix of it; which was too of his money. Tox=1} x 728= 819; x = 9100 Two-fifths of $9100 equals the balance in bank. 2. Cost per gallon, $ 1.50; selling price, $ 1.60; gain per gallon, 10¢ on 150&, or i=63%. 5. Let 10x = cost, then x will represent the loss in one case and the gain in another, making the selling prices 11 x and 9 x. 11 x=99; x = 9, gain in dollars. NOTE. — Some teachers, wishing to avoid fractions as far as possible in equations, assume x for loss or gain, making 10 x = cost; etc. Solutions of this kind are given occasionally as a suggestion to be followed or not, as may seem most desirable. 8. Arithmetic, Art. 924, 7 and 8. 1016. As there is no such thing as “true discount,” it is unprofitable to spend time upon it. Any problem involving finding the “present worth " can be solved by an intelligent pupil, from his previous work in interest. 1019. 2. To 11% of of $ 25000, add $1. 3. Longitude difference = 5° 59' 18". See Art. 1002, 2. 10. Number of yards =(5616 = 1.04) = 11. Art. 1013, 6. 11. Term of discount 36 (33) days. Yearly interest is $30, which is $3 for 36 da., it yr. $500 – $3 = proceeds, $497. Without grace, the term is 33 days, the interest for which time is $2.75. Proceeds, $497.25. 13. Cost of an acre = $21.78 X 5. Cost per square foot = ($21.78 x 5) = (4840 x 9), the divisor being the number of square feet in an acre. To gain 20% or } of cost, the selling price must be of cost. Multiplying the foregoing by f, the selling price per foot will be $21.78 X 5 X 6 4840 x 9 x 5 In getting the number of square feet in an acre, the pupil may use 160 x 301 x 9, unless he remembers that there are 4840 sq. yd. in an acre. 14. Specific duty (duty by weight) =$1 x 700 x 11. Advalorem duty = 30% of $14 x 700. The sum of the two gives the total duty. 1020. 7-9. See Arithmetic, Art. 384. 1021. 4. (50 ft. + 38 ft ) — (7 ft. + 2 ft.). 5. f of cost of horse = $90. Cost = $80. A selling price of $ 100 makes a gain of $20= of cost = 25%. Ans. 8. This may be solved without finding the cost, although many pupils will prefer the more tedious way. $ 764.40 represents 91% of cost; what per cent does $ 894.60 represent? 9106 x 89460 _ 213% - 1061%; gain 67%. 76440 10. Cancel. $ 37 X 25 X 8 X 8 = 128. 11. Total cost, $ 252.50; loss =$ 252.50 – $141.40=$111.10, which is 44% of the total cost. 12. [14 (yd.) + 5+14+ 5] x 3. 15. Art. 546. A bill is receipted by writing the words, “Received payment” at its foot, followed by the date and the name of the seller : |