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EXAMPLES.

1. What comes the commission of sool. 135. 6d. to at 3 per cent. ?

500l. 135. 6d.

3.

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2. My correspondent writes me word, that he has bought goods on my account to the value of 7541. 16s. What does his commission come to at 2 per cent. ?

Ans. 181. 175. 4 d.

3. What must I allow my correspondent for disbursing on my account 5291. 18s. 5d. at 2 per cent. ?

Ans. ul. 18s. 5 d.

BROKERAGE.

BROKERAGE is an allowance of so much per cent. to a person, called a Broker, for assisting merchants or factors in procuring or 'disposing of goods.

EXAMPLES. EXAMPLES.

1. What is the brokerage of 6101. at gs. or per cent.'?

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2. If I allow my broker 3 per cent. what may he demand, when he sells goods to the value of 8761. 55. 10d.

Anş. 321. 175. 2 d.

3. What is the brokerage of 8791. 18s. at per cent. ?

Ans. 31. 55. 114

INSURANCE,

INSURANCE is a premium of so much per cent. given to certain persons and offices for a security of making good the loss of ships, houses, merchandize, &c. which may happen from storms, fire, &c.

EXAMPLES EXAMPLES 1. What is the insurance of 8741. 135. 6d. at 131 per

cent. ?

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1.88 Ans. 1181. 15. 74. 2. What is the insurance of gool. at 102 per cent. ?

Ans. 961. 155.

3. What is the insurance of 1200l. at 7 per cent. ?

Ans. gil. 1os.

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DISCOUNT is an allowance made for the payment of any sum of money before it becomes due ; and is the difference between that sum due some time hence, and its present worth.

The

The present worth of any sum, or debt, due some time hence is such a sum, as, if put to interest, would in that time and at the rate per cent. for which the discount is to be made, amount to the sum or debt then due.

RULE.*

1. As the amount of 100l. for the given rate and time is to rool. so is the given sum or debt to the present worth.

2. Subtract the present worth from the given sum, and the remainder is the discount required.

Or,

As the amount of rool. for the given rate and time is to the interest of 100l. for that time, so is the given sum or debt to the discount required.

EXAMPLES

* That an allowance ought to be made for paying money before it becomes due, which is supposed to bear no interest till after it is due, is very reasonable ; for, if I keep the money in my own hands till the debt becomes due, it is plain I may

make an advantage of it by putting it out to interest for that time ; but if I pay it before it is due, it is giving that benefit to another ; therefore we have only to enquire what discount ought to be allowed. And here some debtors will be ready to say, that since by not paying the money till it becomes due, they may employ it at interest, therefore by paying it before due, they shall lose that interest; and for that reason all such interest ought to be discounted: but that is false, for they cannot be said to lose that interest till the time the debt becomes due arrives ; whereas we are to consider what would properly be lost at present, by paying the debt before it becomes due ; and this can, in point of equity or

justice,

EXAMPLES

1. What is the discount of 5731. 155. due 3 years hence, at 4i per cent. ? 41. 1os.

3

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justice, be no other than such a sum, as, being put out to interest till the debt becomes due, would amount to the interest of the debt for the same time. It is beside plain, that the advantage arising from discharging a debt, due some time hence, by a pres

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