1,145,10 for 6 per cent, and about as many 9 figures as in the usual mode of this per cent. 6)103590 $172,65 Ans. with 47 figures. There being a saving of 16 figures by the new method, and not so difficult to be understood, and practised by the scholar, as by the old way of taking parts. Note-When no months or days enter into the calculation, the old method of multiplying by the rate and then by *the years is evidently preferable for the adept, but experience has proved, that one uniform way is better than to perplex the novice with two ruleu totally different in their operations, when one in all cases will solve his questions. What is the interest of 30 dols. for 2 days at 3 percent? Ans. 3b)30 What the interest of 12 dols. for 10 days at 1 per cent? What is the interest of 60 dois. for 5 days at 4 per cent? What is the interest of 40 dols. for 3 days at 12 per cent? What is the interest of 40 dols. for 3 days at 123 per cent? What is the interest of £100 for one year 8 months and 9 days, at 8 per cent? 720 Ans. £13 10s. 7d. On what principle do you multiply by the given rate, and divide by 6? Ans. On the principal of the Rule of Three. What would be the statement? Ans. If 6 per cent, draw so much interest, what will the given rate draw. Why multiply by the number of months? Ans. Because a dollar drawshalf a cent a month. COMMISSION. What is an allowance made to persons, in buying and selling goods for others called? Ans. Conmission. How are questions in this rule, Brokerage and Insurance answered ? Ans. By Interest. What do you demand for selling 400 dollars worth of Cotton, at 2 per cent commission ? Ans. $10. What is your demand for selling 300 pounds of Indigo, at 1 dollar per pound, for 5 per cent. commission ? Ans. 15 dollars. When you give a man so much per cent for changing money, or assisting you in purchasing stock, in banks, &c. what is it called ? Ans. Brokerage. What would a broker demand for changing 50 dollars, at 1 per cent ? Ans. 50 Cents. J. B. W. offers to give Providence bills for Connecticut, for à per 'cent. how much must you pay him for changing 1000 dollars? Ans. 2 dols. 50 cents. What is the making good the losses, which may happen from storms, fire, &c. called? Ans.Insurance. What is the insurance on an East-India ship and cargo, valued at 10,000 dollars, at 10 per cent? Ans. 1000 dollars. When interest is required on bills, notes, &c.with indorsements, what is the rule? Ans. Subtract the amount of indorsements from the amount of principal, reckoning the interest on, each from date to settlement. COMPOUND INTEREST. When you add the interest to the principal at the end of one year, and find the interest of this amount for the second, and so on, what is it called? Ans. Compound Interest. What is Compound Interest in other words? Ans.. Interest on Interest. What is the rule? Ans. Find the amount of the principal at the end of one year, then find the interest of this amount for the second and so on. How long continue to do so.? Ans. As many times as there are years. What will the last amount be? Ans. The answer. How find the Compound Interest? Ans. Subtract the given sum or principal from the last amount. · Which is the most, Simple or Compound Interest? Niis. Compound, How is this? Ans. Simple, is the interest for the principal only, Compound, is the interest for the principal and the interest of each year besides. Ilow long does it take a sum to double at Compound Interest? Ans. About 12 years. llow long does it take a sum at Simple Interest to double? Ars. About 17 years When you borrow inoney of James, and give him your note on interest, and some time after you give him a new note, and pay the interest or add it to the principal, what is it called? Ans, Renewing the note. When notes are renewed annually, and the interest added to the principal, what kind of interest is it? Ans. Compound. DISCOUNT. What rule tells you what you ought to pay, when a sum is due at some future day, if you pay it down? Ans. Discount. What would that sum which you ought to pay,be? Ans. Such a sum as if put at interest would amount to it. . What may this sum be called? Ans. Present worth. What make the first term in stating? Ans. The amount of 100 for the given rate and time. What make the middle term? Ans. 100. What do to find the discount! Ans. Subtract the present worth from the given sum; the difference is the auswer. How state this sum? You owe 500 dollars, due one year from the present time, to find how much you ought to pay to take up your note now? |