16. A farmer sold 420 pounds of wool, which was 15% of his clip: how much wool did he shear?

17. A man invested $4050, which was 71% of his property: what was the value of his property?

18. A man paid $375 a year for a house, $1275 for other expenses, and laid up 25% of his income: what was his income?

Art. 147. RULE.-To find a number when a per cent of it is given, Divide the number which is the percentage by the rate per cent, expressed decimally.

LESSON V.

Profit and Loss.

1. A man paid $80 for a horse, and sold it for 10% more than it cost him: for how much did he sell it?

SOLUTION.-10% of $80 is $8, and $80 plus $8 is $88: he sold it for $88.

2. A man bought a horse for $80, and sold it for $88: what per cent did he gain?

SOLUTION. If he gave $80, and sold for $88, he gained $88 less $80, which is $8; $8 is 3%, or of the cost, and equals .10, or 10% he gained 10 per cent.

3. A man sold a horse for $88 and gained 10%: what was the cost of the horse?

SOLUTION. Since he gained 10%, $88 is 110% of the cost; if $88 is 110%, 1% is $.80, and 100% is $80: the horse cost $80.

4. A dealer paid $5 for a hat, and sold it at 20% profit: what was the selling price?

5. A dealer paid $5 for a hat, and sold it for $6: what per cent did he gain?

6. A dealer sold a hat for $6 and gained 20%: what was the cost of the hat?

7. For how much must silk, that cost $1.20 a yard, be sold to gain 25%?

8. Silk that cost $1.20 a yard was sold for $1.50: what was the gain per cent?

9. Silk was sold for $1.50 a yard, at a gain of 25%: what was the cost?

10. For how much must butter, that cost 20 cents a pound, be sold to gain 10%?

11. A carriage that cost $150 was sold for $120: what was the per cent of loss?

12. A merchant bought velvet at $4 a yard, and sold it at $5 a yard: what per cent did he gain? 13. A merchant bought velvet at $5 a yard, and sold it at $4: what was the per cent of loss?

14. A merchant sold velvet at $4 a yard, and lost 20%: what was the cost?

WRITTEN EXERCISES.

15. A man paid $8750 for a farm, and sold it at 40% profit; what was the selling price?

16. A man sold a farm for $12250, and gained 40%: what was the cost?

PROCESS: $12250 1.40:

$8750, the cost.

17. A cargo of wheat, which cost $24650, was sold at a loss of 12%: for how much was it sold?

18. A drover paid $135 a head for horses, and sold them at 30% profit: what was the selling price?

19. A house that cost $3840 was sold for $4128: what was the gain per cent?

20. For how much must teas, that cost $.90, $1.05,

and $1.10 a pound, be sold to gain 20%?

LESSON VI.

Commission, Insurance, Taxes, etc.

WRITTEN EXERCISES.

1. An agent sold a farm for $3500, and received a commission of 5%: how much did he receive?

NOTE. The teacher should explain the business terms used in these problems, and add such information as will be of value to the pupil.

2. An attorney collected a debt of $324.50, and charged 10% for his services: what was his commission?

3. An architect furnished plans and superintended the erection of a building for 21% of its cost, which was $25400: how much did he receive?

4. A commission merchant sold 320 barrels of flour at $6.50 a barrel, and charged 44% commission: how much did he receive?

5. A broker bought $12300 worth of cotton, and charged 1% what was his commission?

6. A store worth $25600 is insured for of its value, at %: what is the premium?

PROCESS:

of $25600 = $19200, amount insured. $19200 X .005

$96, premium.

7. A house worth $7500 is insured for of its value, at % what is the premium?

8. A man has his life insured for $4000, at $23.50 per $1000 what annual premium does he pay?

9. A man's property is listed at $10450, and the tax levy is 15 mills on the dollar: what is his tax?

PROCESS: $10450.015 $156.75, tax.

10. A man pays a tax of 12 mills on property listed at $4960: what is his tax?

11. The taxable property in a certain village is listed at $316000: if a tax of $4740 is assessed to build a school-house, what will be the rate in mills?

12. A merchant imported a lot of silk invoiced at $32600: what was the duty, at 371%?

LESSON VII.

Simple Interest.

Art. 148. Interest is money paid for the use of money.

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

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

Art. 149. Simple Interest is interest on the principal only.

NOTE.-See COMPLETE ARITHMETIC for methods of computing Annual Interest and Compound Interest.

THE SIX PER CENT METHOD.

cent per

.06 of $1, or

Art. 150.. When money is loaned at 6 per annum, the interest of $1 for 1 year is 6 cents.

1. What is the interest of $1 for 2 years, at 6%?

SOLUTION. Since the interest of $1 for 1 year, at 6%, is 6 cents, the interest of $1 for 2 years is 2 times 6 cents, which is 12 cents.

2. What is the interest of $1 for 4 years, at 6%?

3. What is the interest of $1 for 5 years, at 6%? 7 years? 9 years? 10 years?

4. What is the interest of $1 for 1 month, at 6%?

SOLUTION.-Since the interest of $1 for 12 months is 6 cents, the interest for 1 month is1⁄2 of 6 cents, which is cent, or 5 mills.

5. What is the interest of $1 for 3 months, at 6%?

SOLUTION. Since the interest of $1 for one month, at 6%, is 5 mills, the interest for 3 months is 3 times 5 mills, which is 15 mills.

6. What is the interest of $1 for 4 months, at 6%? 7. What is the interest of $1 for 5 months, at 6%? 7 months? 9 months? 11 months?

8. What is the interest of $1 for 2 years 4 months, at 6%?

SOLUTION. The interest for 2 years is 12 cents, and for 4 months 2 cents; 12 cents and 2 cents are 14 cents: the interest of $1 for 2 yr. 4 mo. is 14 cents.

9. What is the interest of $1 for 3 yr. 6 mo.? For 1 yr. 10 mo.? 2 yr. 8 mo.?

10. What is the interest of $1 for 2 yr. 5 mo.? 3 yr. 7 mo.? 4 yr. 3 mo.? 1 yr. 1 mo.?

11. What is the interest of $1 for 6 days, at 6%?

SOLUTION. Since the interest of $1 for 1 month, or 30 days, is 5 mills, the interest for 1 day is of 5 mills, which is mill, and the interest for 6 days is 6 times & mill, which is 1 mill.

12. What is the interest of $1 for 12 days, at 6%?

SOLUTION. Since the interest of $1 for 6 days is 1 mill, the interest for 12 days, or 2 times 6 days, is twice 1 mill, which is 2 mills.