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361. 152. Having borrowed $7248, for which I was to pay 7% interest, I returned to the lender at the end of the period for which I had borrowed, principal and interest amounting to $8448.752. For what time had I the use of the money? Ans. 2 yr. 4 mo. 12 da. 153. Having borrowed $680 from a friend, I retained the money until the interest at 4% was $112.20. How long did I retain the money? Ans. 4 yr. 1 mo. 15 da.
154. A gentleman borrowed $1675 on July 5, 1877, for which he was to pay 51% interest. At the time of payment principal and exact interest amounted to $1760.815. On what date was payment made? Ans. June 10, 1878.
374. 155. $2500.
BOSTON, March 21, 1879. Three months after date I promise to pay to the order of James Wickline $2500, with interest at 6%, value received. THOS. HARTMAN.
On this note were the following indorsements: June 24, 1879, $300; Aug. 17, 1879, $400; Dec. 6, 1879, $500; June 3, 1880, $16; Dec. 30, 1880, $500.
What was due Feb. 1, 1881 ?
375. 156. $1800,0%. HARRISBURG, March 5, 1880. One day after date I promise to pay to Samuel Jenkins, or order, Eighteen Hundred Dollars, with interest from date, without defalcation, value received.
On this note were the following indorsements: May 11, 1880, $300; June 5, 1880, $100; July 17, 1880, $200; August 23, 1880, $150; Sept. 29, 1880, $75; Oct. 17, 1880, $200; Dec. 29, 1880, $200; Feb. 17, 1881, $400.
What was due March 5, 1881, one year from the time the note was made? Ans. $240.85.
378. 157. A gentleman invested in a savings bank for
his son's benefit $1500, on his son's 15th birthday. This sum remained on compound interest at 5% till the son was 23 years old. To what did it then amount?
158. Having deposited in a savings bank which pays 3% semi-annually, to what amount am I entitled at the end of 40 years, provided I deposited $300, and allowed both principal and interest to remain undisturbed for the entire period? Ans. $3192.25+.
394. 159. I sold to the Citizens' National Bank my note having 3 mo. to run at a discount of 6%. The face of the note was $425. What did I receive for the note?
PITTSBURGH, Jan. 3, 1881. Four months after date I promise to pay to Samuel Magee, or order, Seven thousand five hundred dollars, without defalcation, value received. MICHAEL MAGINN.
The above note was discounted at the Bank of Pittsburgh on March 1, 1881, at 6% discount. How much was the disAns. $82.50.
READING, Apr. 5, 1880.
One year after date I promise to pay to the order of Thomas Hamilton, Three thousand five hundred dollars with interest, without defalcation, for value received.
This note was discounted Jan. 3, 1881, at 7%. What were the proceeds? Ans. $3643.19+.
162. $3400. NEW YORK, May 1, 1880. Nine months after date I promise to pay to the order of Wm. Simms $3400 with interest, value received.
The above note was discounted at the Metropolitan Bank, Nov. 9, 1880, at 8% (exact) discount. What were the proceeds? Ans. $3519.96+.
396. 163. A friend discounted for me a note calling for $960.18 in 14 months, and charged me $78.97+ discount. What rate % did he charge? Ans. 7%.
164. Paid the Bank of Commerce $72.18— for discounting a note calling for $3250 in four months from the date of discount. What rate % did the bank charge? Ans. 61%.
398. 165. Mr. Burns having a note due in three months, sold it to the Third National Bank at 7% discount, and received as proceeds $805.26. What was the face of the note? Ans. $820.09-.
166. James Morrison had a note discounted at bank, at 8% (exact) discount. The note was dated Jan. 1, 1881, and read, "Three months after date I promise," etc. The proceeds were $1004.11+. What was the face of the note? Ans. $1025. 400. 167. For what sum must I make a note, due in 4 mo. from May 6, 1881, in order to realize by its sale at 7% (exact) discount $1094.51 ? Ans. $1121.67.
this note ?
168. Having purchased a bill of goods amounting to $1824.42, I pay for the same by a note dated Jan. 1, '81, and due in three months, which, when discounted at once at 7% (exact), will pay the bill in full. What must be the face of Ans. $1857.55. 402. 169. On the 4th of May, 1880, I sold a note whose face was $820.15 and dated May 4, 1880, at 7% discount, and received for it $805. When was this note nominally due? Ans. Aug. 4, 1880. 170. March 15, 1881, I purchased from a neighbor a note
for $919.94 at an (exact) discount of 7%, and gave him for it $899.30. When was the note legally due?
Ans. July 10, 1881.
410. 171. I have a mortgage for $2500, bearing 6% simple interest. This mortgage has two years to run, but I am willing to sell it now at a discount of 8%. What, then, do I regard as the present worth of the mortgage?
172. Sold my interest in a woolen mill for $5000, to be paid for in three years from date of sale, with simple interest at 5%. The mortgage securing payment of the $5000 with interest I sold to Mr. Bradley at such a price that he could realize on his investment 6% compound interest. What did I receive for the mortgage? Ans. $4827.81+-.
413. 173. What cost 54 shares W. F. & Co.'s Express stock, at 18% premium, brokerage %, par value $100 per share? Ans. $6432.75. 174. When U. S. 4's are selling at 113, what cost bonds having a face of $5500, when the brokerage is %?
175. Purchased 75 shares Chicago and Alton bonds for $10350, par value $100. What % premium did I pay for them? Ans. 38%. 176. Sold Central Pacific bonds representing $3000 for $3442.50. What rate % premium did I obtain ?
177. Having purchased 55 shares N. Y. Central at 145, brokerage %, I sold them 150, brokerage %. Par value being $100 per share, how much did I make by the operation ? Ans. $213.12. 178. At what price must I sell stocks representing a par value of $4500, brokerage for purchasing 3%, and for
selling %, $2.25 for postage and telegrams, so as to clear
179. Sent my broker $27827.50, with instructions to invest in P. F. W. and C. R. R. bonds. He informed me that he had to pay a premium of 32% on the bonds; and that his charges were $2.50 for postage, telegrams, etc.; and his brokerage %. How many bonds did he purchase for me? Ans. 21 $1000 bonds.
180. When U. S. 4's are selling at a premium of 131%, and 11% must be paid for brokerage, how many $500 bonds can be purchased for $6331.871? Ans. 11.
181. Sold 125 shares Boston and Maine R. R., par $100, at $101, brokerage %; and invested the proceeds in P. R. R. stock at 62, brokerage %. How many shares of P. R. R. stock (par $50) did I purchase? Ans. 200 shares.
182. What rate % do I make when I pay $120 for $100 bonds which bring 8% of their face? Ans. 6%.
183. When U. S. 4's are selling at 112, what rate of interest do they pay the investor? Ans. 38%.
184. Which is better-to invest in U. S. 5's at 120 or U. S. 3's at 96? Ans. The former in the ratio of 44 to 31.
185. At what price should a 4% bond be sold, that it would yield the same interest as a 3% bond at par?
186. I sold my U. S. 5's at an advance of 18%, and invested the proceeds in bank stocks yielding 7% dividends. How many did I increase my income from the money invested in U. S. 5's? Ans. 65%.
187. Sold my telegraph stock (par 100) paying 10% dividends at 150. I invested the proceeds in insurance stocks (par 100) paying 8 dividends, so as to increase my income