72. What must a grocer ask for tea that cost 75 cts. a pound so that he may fall 10% and still make 20%?

EXPLANATION: If he makes 20%, or, on the cost, he must get 75 cts. plus of 75 cts., or 90 cts. a pound. And if he falls 10% from his asking price, the 90 cts. must be price, which is $1 a pound.

of the asking

73. What must a dealer ask for pianos that cost $350, so that he can fall 12% and still make a profit of 14%?

74. A merchant sold goods for $3,113.20, and gained 7%. What was the cost?

75. If a merchant buys goods amounting to $2,820, and is given a discount of 33%, 10%, and 4%, how much does he pay for the goods?

76. What is the difference on a bill of $450, between a direct discount of 30% and successive discounts of 25% and 5%?

77. A vessel worth $28,000 was insured at 14%, and the cargo worth $15,000, at 2%. Both were totally lost. What was the loss to the insurer?

78. The net amount of a tax collection was $2,790.06. If the collector's commission was 2%, what was the whole amount collected? If the value of the taxable property was $113,880, what was the rate per cent of tax? How much tax will Mr. Hunt have to pay, if his property is assessed at $3,480?

79. What was the original cost of a lot of land which, selling at 28% below cost, brought $1,283.76? How much was the loss?

80. Bought goods for $11,600. obliged to sell at a loss of 16%.

Half of them I am
If I sell the other

half at a gain of 20%, how much do I gain on the whole? The gain is what per cent of the whole investment?

How

81. A lawyer collected 85% of a note for $980, and charged 6% commission on what he collected. much did the man who held the note get for it?

82. A grocer lost 9% by selling 50 lbs. of butter for $1.08 less than cost. What did it cost him per pound?

83. A herd of cattle was bought and shipped to Chicago, at an expense of $3,825. They were sold for $4,322.25. What was the gain per cent? How much did the commission merchant receive, at a commission of 2%?

84. Find the duty at 12% on 100 cases of indigo, each weighing 185 lbs., and invoiced at 70 cts. a pound.

85. A mill valued at $64,000 was insured for of its value, at 14%. What would be the actual loss to the insurer if the property were destroyed within 6 months? What would be the owner's loss?

86. How must carpet, costing $2 a yard, be marked so that 10% may be deducted from the marked price and still a profit of 17% be made?

87. An agent sold real estate for Mr. Dale, and remitted $3,000, after deducting a commission of 4%. How much was received for the real estate, and what was the agent's commission?

88. Find the total amount of duty on the following importations:

$750 worth of toys, at 30%.

$1,250 worth of lace, at 50 %.

$860 worth of penknives, at 40%.

80 bags of coffee, 156 lbs. each, invoiced at 8 cts. a pound, at 4%.

89. An organ was sold for $1,512 less than its value, which was a loss of 27%. What would have been the gain per cent if it had been sold for $6,944?

90.

A farm was sold for $5,814, which was 40% less than its value. What was the value of the farm?

91. A merchant can buy goods from A, B, or C at the same list price; but A will allow him successive discounts of 25%, 12%, and 8%; B will allow him successive discounts of 12%, 25%, and 8%; and C, 8%, 12%, and 25%. Which makes him the best offer, and how much, on a bill of goods amounting to $5,000?

92. A broker received $7,052.50 to be invested in stocks, after deducting 2% brokerage. What was the amount invested in stocks?

A furniture dealer sold two parlor sets for $385 each. On one he gained 37%, and on the other lost. 37%. What did each cost him?

94. Mr. Green's broker sold 125 shares of railroad stock, at 16% premium. How much did Mr. Green receive after a deduction of 1% brokerage?

95. A and B make $17,520 by trading in company. What part of the

A's money is 200% of B's money.

profits should each receive?

96. E and F are in partnership. E receives of the profits $490, which is 40% of the whole profit. How much was the total profit?

97. A merchant started in business with a certain capital. The first year he lost 61% of his capital; the second year he lost 16% of the remainder; and the third, 4% of the rest, when he had $4,800 left. How much was his capital at first?

98. Suppose the merchant in the preceding problem had gained 25% the first year. The other conditions remaining the same, what would have been his capital at the first?

99. L and M are partners in business. $4,410 is 58% of their profits for a year. A's capital is 118% of B's capital. How much is each man's share of the profits?

100. An agent bought for a merchant in Chicago, 2,600 bbls. of flour, at $4 a barrel, and charged 2% commission. What was the amount of the bill, including the commission?

101. A man sold his farm for $10,000, for which he had paid $7,500. What was the gain per cent?

102. A grain buyer in Nebraska received $19,125 with which to buy wheat. After deducting 2% commission, how many bushels of wheat did he buy at $.75 a bushel?

103. A real estate agent received $80 for selling a piece of property. His commission being 2%, what was the amount of the sale?

INTEREST.

232.

money.

1. Interest is money paid for the use of

2. The Principal is the money for the use of which interest is paid.

3. The Amount is the sum of principal and interest.

4. The Rate Per Cent, or Rate of Interest, is the per cent of the principal paid for its use for one year, or other specified time.

Money paid for labor is usually called wages. Money paid for the use of houses and lands is called rent. Wages and rent are usually reckoned by the day, the month, or the year. Hence, time is an essential element in reckoning such compensation. So in interest, the longer the time one uses money, the larger the compensation. The customary unit of time for reckoning interest is one year.

The rate of interest fixed by law is the legal rate. Any higher rate is usury. The legal rate in many of the States and on debts due the United States is 6%.

ORAL EXERCISES.

233. 1. What is the interest on $400 for a year, at 6%? At 9%? At 41%? At 74%? At 12%? At 5%?

2. What is the interest on $600 for 1 yr., at 5%? At 81%? At 61%? At 12%? At 10%?

3. What is the interest on $120 for 1 yr., at 3%? At 5%? At 12%? At 61%? At 7 %?