6. What is the average time of paying $ 200 due April 1, $200 due May 11, and $ 400 due June 30 ? Solution. April 1, $ 200 is due. 200 ) 44000 6 55 days 334. Rule to find the Average Time of Payment. Multiply each debt by its term of credit, and divide the sum of the products by the sum of the debts. The quotient will be the average term of credit. This added to the date from which the credits were reckoned will give the average time of payments. NOTE. — When the cents are 50 or more, reckon them as one dollar ; but if less than 50, disregard them. Also, when in any result the fraction of a day is or more, reckon it one day; otherwise, disregard it. 7. I have purchased goods of A. B. Blake, as follows: January 3, a bill of $ 150 on 30 days; January 15, a bill of $ 125 on 3 months; and February 1, a bill of $ 200 on 60 days. Find the average time of payment. 8. May 7, A owes B $ 100, of which $ 40 is to be paid in 3 months, and $ 60 in 5 months. Find the average time of payment. 9. John Oldham owes Henry Smith $ 1000, $ 250 of which is due now, $ 350 in 2 months, and the remainder in 6 months. What is the average time of payment ? - 10. May 16, 1881, Joseph Milton owes $ 169.85, payable in 40 days, $ 200.15 in 60 days, and $ 150 in 90 days. Find the equated time. 11. Three bills are due as follows: April 15, $ 200; May 1, $310.50; June 1, $ 160.25. What is the average date of payment? 12. Find the average time for paying $ 800 due in 30 days, $ 500 in 60 days, and $ 120 in 90 days. 335. When there is a common term of credit, we may find the average time, without regard to that term, and then add it to the result. 13. Albert Thayer bought merchandise as follows on 60 days: July 5, 1881, $ 600; July 15, $ 400; August 10, $ 500. Find the average time of payment. 14. Bought the following bills on 4 months: September 9, 1880, $ 140 ; October 9, $ 160; November 6, $ 200. What is the average time for payment ? 15. Three 60-day notes bear date as follows: April 11, 1881, $ 450; April 30, $ 600; May 16, $ 400. What is the average date of maturity ? 16. Bought goods on 6 months' credit as follows: July 2, 1881, $ 225; August 4, $ 360 ; September 10, $ 500; September 24, $320. When shall a note to settle for the whole be made payable ? REVIEW. ORAL EXERCISES. 336. 1. I have $ 120. If I pay away 25% of it, what sum shall I have left ? 2. Sold a horse which cost me $ 225 at 10 % profit. What did I get for him ? 3. Bought a watch for $ 75 and sold it for $84. What was the gain per cent ? 4. When goods are sold for of their cost, what is the gain per cent ? 5. If off of the cost of my horse is the cost of my chaise, what per cent is the cost of the horse more than the cost of the chaise ? 6. A knife which cost me 314 cents was sold for 25 cents. What was the loss per cent ? 7. At 2} %, what is the premium on an insurance of $ 3000 ? 8. An agent received $ 40.50 for selling goods at 5% commission. What was the amount of goods sold ? 9. What will be the interest of $ 550 at 6 % for 2 years 6 months ? 10. What principal at 6 % interest in 2 years 6 months will give $.66 interest ? 11. What principal in 5 years at 5% will amount to $ 50 ? 12. The interest of $ 550 for 2 years 6 months is $66. What is the rate per cent ? 13. What is the market value of 6 shares of stock at 112 ? 14. What is the cost of a draft for $400 at 21 % premium ? 15. At what price must a 4% stock be bought for a 5% investment ? 16. How much must be paid for a 10% stock that 8 % may be realized on the investment ? WRITTEN EXERCISES. 17. 24 is what % of 3 ? 18. If 35% of my money is $ 2359, what is my money ? 15%. For how much must the remainder be sold to gain 17%? 20. Bought a horse for $360, which was 20 % less than his real value, and sold him for 30% more than his real value. Required the selling price. 21. A class of 50 pupils miss 75 words in spelling 10 each. What per cent of words were correctly spelled ? 22. What per cent of the year 1880 expired at midnight, June 15 ? 23. Bought a bill of goods which, at 5% off for cash, amounted to $ 232.75. How much was the discount? 24. Bought 12 Webster's Unabridged Dictionaries at $9.50, 10% off, and 15 Longfellow's Poems at $ 1.50, 5 % off. Paid cash, and received an additional discount of 3%. Required the cost. 25. At 77% interest, how much is due, July 5, 1881, on a note for $325, dated Jan. 7, 1880 ? . 26. How long must $922 be on interest at 5% to gain $53.78} ? 27. For what sum must a note be made payable in 60 days, so that when discounted at 6% the proceeds may be $ 593.70 ? 28. At what rate of interest will $ 640 amount to $ 774.40 in 3 years 6 months ? 29. In what time will $ 6000 at 8 % gain an interest equal to of itself ? 30. A merchant bought a bill of goods amounting to $ 1550, on 30 days' credit, but could have bought the same for cash at a discount of 5%. What was the difference ? 31. What is the difference between the true discount and the simple interest, both at 5%, on $ 6415.50 for 3 years 6 months ? 32. How much more is the compound interest than the simple interest of $ 1300 for 4 years at 7% ? 33. On a note for $ 2000, dated Jan. 1, 1880, at 6% interest, there was paid, July 1, 1880, $ 500. Required the balance due Jan. 1, 1882. 34. A man makes a difference in his income of $ 82.50 by transferring a 4% stock at 92 to a 5% stock at 110. What amount was transferred ? 35. Invested $ 26250 in bonds at 87}, and sold the same at 91. What was the gain ? 36. Find the difference between the income derived from $9080 invested in 3% stock at 85}, and that derived from $ 9800 invested in 5% bonds at 122. 37. A owes B $ 460, of which $ 100 is to be paid in 50 days, $ 130 in 40 days, and the remainder in 140 days. Find the average time. 38. A merchant bought a draft on St. Louis for $2660, at 60 days, paying $ 2570.89. What was the rate of exchange ? 39. A note for $500, dated Oct. 8, 1880, and bearing interest at 6%, is indorsed as follows: Nov. 4, 1881, $ 30; Jan. 30, 1882, $ 250. What will be due July 1, 1882 ? : 40. I have purchased goods to the amount of $ 800, on a credit of 4 months. At the end of 2 months I pay $ 100, and at the end of 3 months I pay $ 200. How long after the expiration of the 4 months ought the balance in equity to remain unpaid ? REVIEW QUESTIONS. 235. What is percentage? 254. What is interest ? 296. What is bank discount ? 277. What are partial payments ? 284. What is compound interest ? 270. What is a promissory note? 304. What are bonds ? What is a coupon ? 306. What are stocks ? 309. A stock certificate ? 316. What is a draft ? 322. What is exchange ? 329. How are sterling bills, or drafts, quoted ? 332. What is average, or equation of payments ? 333. What is the average, or equated time? |