204

PROBLEMS-REVIEW

1. Make out and balance the following account: Mr. Smith had on hand, Mar. 1, $225; received from rents, Mar. 15, $47; paid for board, Mar. 18, $25; received salary, Mar. 31, $155.

Reading Room

2. The figure shows the plan of a library; the diameter of the reading-room is 100 ft.; find the distance around it.

3. How many degrees are there in a right angle? In of a right angle? How many degrees are there in of of a right angle? 4. 2n may stand for any even

number. Why? Write the next even number larger than Write the next even number smaller than 2 n.

2 n.

8. If on an average 75% of the eggs placed in an incubator hatch and 90% of the chickens transferred to the brooder live to become marketable fowls, how many fowls are grown from 80 doz. eggs?

9. Diminish 100 by 10% of itself; the result by 331 of itself; this result by 33% of itself; what is the final result? What percentage of 100 is it?

10. A merchant began with $5,000 capital, and at the end of each year added his profit to his capital. His profit each year is shown by the following percentage of the capital invested: first year, 20%; second year, 25%; third year, 10%; what was his capital for the fourth year?

INTEREST AND TAXES

Difference between Dates

1. How many days are there from January 1 to February 25, including Jan. 1, but excluding Feb. 25?

2. How many days are there from April 1 to May 20, including April 1, but excluding May 20?

3. The Spanish-American War began April 21, 1898, and ended April 11, 1899. How long did it last?

PLAN. 1. April 11 is days earlier than April 21.

2. The difference between the dates is

than 1 year, or

mo. and - da.

days less

4. How long after the beginning of the American Revolution, April 19, 1775, did the French Revolution, May 5, 1789, take place?

5. How long after the Battle of Hastings, Oct. 14, 1066, did the Battle of Waterloo, June 18, 1815, take place? PLAN. 1. From Oct. 14, 1066, to Oct. 14, 1814, was 2. From Oct. 14, 1814, to June 14, 1815, was 3. From June 14 to June 18 was

days.

years. mo.

4. Therefore, from Oct. 14, 1066, to June 18, 1815, was

6. Victoria was born May 24, 1819, and was crowned queen, June 28, 1836; how old was she at this time?

7. Napoleon was born Aug. 15, 1769, and died May 5, 1821; what was his age at the time of his death?

8. John Milton was born Dec. 9, 1608, and died Nov. 8, 1674; what was his age at the time of his death?

9. Longfellow was born June 18, 1819, and Lowell was born Feb. 22, 1819; what was the difference in their ages?

10. Queen Elizabeth was born Sept. 7, 1533, and died March 24, 1603; how old was she at the time of her death?

206 Oral.

MEANING OF INTEREST

1. Mr. Howard borrowed $500 of Mr. Tripp for one year. At the end of the year he returned the $500 and paid Mr. Tripp $6 per $100 for the use of the money; how much did he pay for the use of the $500?

The payment for the use of money is called interest. The rate of payment may be stated by naming the sum to be paid for the use of $100 for one year.

2. At the rate of $6 per $100 for one year, what is the interest for one year on $200? On $500? On $800? On $1,000? On $2,000? On $3,200?

3. At the rate of $5 per $100 for one year, what is the interest for three years on $300? On $600? On $800? On $1,000? On $4,000? On $6,800?

Instead of saying "interest at the rate of $6 per $100 per year," it is customary to say, "interest at 6% per annum, or, more briefly, "interest at 6%," per year or per annum being understood.

4. What is the interest on $100 for 1 year at 4%? On $600? On $3,200? On $1.00 (or 100 cents)?

5. What is the interest on $1 for 1 year at 5%? At 31%? At 6%?

6. If the rate of interest is 6%, what is the interest on $100 for 1 year? For 2 years? For 3 years? For 12 years?

7. At 6% what is the interest on $1.00 for 1 year? For 2 years? For 4 years? For 7 years? For 18 years?

8. At 3% what is the interest on $100 for 1 year? For 5 years? For year? For 21 years? For year?

9. If a savings-bank pays interest at 2% semi-annually, what is the interest on a deposit of $100 for year? Add the interest to the deposit and find the interest at the same rate for the next half year.

PROBLEMS-INTEREST

207

The sum of money bearing interest is usually called the

principal. Find the interest on the following:

5. Mr. Todd bought a house for $1,800. He had $1,100 cash on hand and borrowed the rest from a friend to whom he agreed to pay interest at 5% per annum; how much interest did he pay for each year?

6. At the end of the first year Mr. Todd had saved $185. He paid the interest due and paid the rest of his money to diminish the indebtedness; how much did he still owe? How much interest did he owe at the end of the second year?

7. What is the difference in the annual income from $8,600 when invested at 5% and at 41% interest?

8. What is the interest on $10 for one year at 6%? For of a year? For of a year? For of a year? For 1 mo.? For 4 mo.? For 6 mo.? For 9 mo.? For 11 mo.?

Find the interest on the following at 6%:

Principal...

Time...... 1 yr. 4 mo. 2 yr. 3 mo. 4 yr. 8 mo. 1 yr. 10 mo.

13. If $100 has been on interest at 6% per annum long enough to earn $12, how many years has it been lent?

14. How long must $200 be on interest at 5% to earn $20? $50? $35? $15?

15. Which is the greater, the interest on $100 for 3 yr. at 6%, or that on $100 for 4 yr. at 5%?

16. A bank pays 4% interest on money deposited, and receives 6% interest on money lent; how much does the bank make on $10,000 in 5 yr. in this way?

17. What is the interest at 4% on $500 for 5 yr.?

It is customary to deposit money, except a small amount for incidentals, in a bank. The bank will pay the money, or any part of it, to any one who presents a written order from the depositor. Such an order is called a check.

1. Read the check. Who made it? On what bank is this order drawn? To whom did the bank pay the money?

Blank checks are furnished by the banks in book form. The one issuing the check, called the maker of the check, should keep a record of the essential facts about it in the portion of the book made for this purpose. The deposits may also be entered as shown.

2. If Mr. Arnold had $490.30 in the bank before the check was paid, how much had he afterward? Find the balance in the account above. Make other problems.