CASE I. 329. To find the Premium, when the Value and Rate % are given. PROBLEMS. What is the Premium on 1. A house insured for $2000, at 14%? 10. A mill, for $12500, at 21% ? Ans. $30. Ans. $70. Ans. $6.75. Ans. $7.81. Ans. $300. Ans. $1440. Ans. $450. Ans. $2125. Ans. $66.15. Ans. $312.50. Ans. $7.66. 11. Clothing, for $875, at 3% ? CASE II. 330. To find the Rate %, when the Value and Premium are given. PROBLEMS. What is the Rate %, when the 1. Value insured is $500, premium $6? Ans. 1.2%. 331. To find the Value Insured, when the Rate % and Premium are given. PROBLEMS. What is the value insured, when the 1. Premium is $6 and 1.2 the rate %? 332. Life Insurance. Life Insurance is of different kinds. Ans. $500. Ans. $1000. Ans. $800. Ans. $1800. Ans. $3600. Ans. $5000. Ans. $8000. of The rates paid for life insurance depend upon the age of the party insured, and the kind of Policy taken out. For example,-it costs more per year to insure a man 50 yr. of age, than one 40 yr. of age. It also costs more per yr., to insure a man of any number of years of age, when the payments are to be made in a stated number of years, than when they are to be made every year he lives. It also requires a higher rate for any given man when the insurance is to be paid at the end of some stipulated period, if the man be living, or at his death should it previously occur. PROBLEMS. 1. A man at the age of 53, paid at the rate of 5.38% per year, for an insurance on his life. What was the annual premium on $5000 ? 2. After having paid an annual $10000 for 5 yr., the insured died. was paid was received by the heirs? Ans. $269. premium of 2.6% on How much more than Ans. $8700. 3. A man paid for 40 years a premium of 2.53% on $7500. How much did he pay in all? Ans. $7590. SECTION V. COMMISSION 333. Commission is the pay of an agent, collector, broker, &c., and is usually estimated on the amount of money he receives or expends. 334. An Agent or Factor is a person who transacts business for another. 335. A Commission Merchant is a merchant who buys and sells goods for others. 336. A Broker is an agent who buys and sells stocks, notes, money, &c. 337. Brokerage is the commission of a Broker. 338. A Consignment is merchandise sent to an agent for sale. 339. A Consignor is a sender or maker of a consignment. 340. A Consignee is an agent who receives a consignment. Commission embraces the Four Cases of Percentage. Hence, the same Rules apply, and need not be repeated. The Proceeds of sales, or the moneys collected or invested correspond to the base B. The Commission corresponds to the percentage. . P. 4. A sells B's consignment for $1985, at 3% commission. How much does A remit B? Ans. $1925.45. 5. C buys for D merchandise worth $13000, at 24% commission. How much should D send C? Ans. $13325. 6. E's broker buys for him $9000 worth of stocks, at 3% brokerage. What does E pay? Ans. $9033.75. 7. F's broker sells for him a note for $960, at 1% brokerage. How much does F get? Ans. $957.60. 8. A consignee sells oil for $7250, at 31% commission. What does the consignor receive? CASE II. 342. To find Rate %. PROBLEMS. Ans. $6996.25. 1. A merchant received $153 for selling $5100 worth of flour. What % commission did he get ? Ans. 3%. 2. A real estate broker charged $53.75 for selling a farm for $2150. What rate % was his commission? Ans. 21%. 3. A broker charged me $218.75 for selling $25000 worth of R. R. stock. What % was the brokerage? Ans. 1%4. A factor charged $230.625 for selling 1025 bbl. apples at $5 a bbl., and $5.76 for selling 256 bu. potatoes at $1 per bu. What was the rate % commission? Ans. 41%. CASE III. 343. To find Collections, Purchases, or Proceeds of Sales, Commission and Rate % being given. PROBLEMS. 1. Paid an agent 21% commission on the sale of lands. His bill was $524.50. What was the value of his sale ? Ans. $20980. 2. A real estate broker's income for 1875 was $10563. His commissions were 2.1%. What were his sales? Ans. $503000. 3. My factor at Chicago sent me a bill on account of a consignment of grain to him, for $525, which included his commission at 3%, and charges for freight, drayage, &c., $125. What was the value of the consignment? Ans. $13333. NOTE.-Deduct $125, charges, from the bill; the remainder is the commission. 4. An auctioneer whose commission is 1%, charged $25 for selling some insurance stock. What was the value of the stock? Ans. $2500. 5. A collector charged me $25 for collecting, at 5%. How much money did I receive? Ans. $475. CASE IV. 344 (a). To find Amount of Sale, or Collections, Rate %, and Remittance being given; and, 344 (b). To find Investment, Rate %, and an Amount covering Investment and Commission being given. NOTE.-Apply RULES in Case IV of Percentage. |