383. A Consignment is a quantity of merchandise sent to a commission merchant or agent to be sold.

384. The Consignor is the person who sends the merchandise to be sold.

385. The Consignee is the person to whom the merchandise is sent.

386. The Net Proceeds of a sale is the sum left after the commission, expenses, etc., have been deducted.

387. The processes in Commission involve the same elements as do the fundamental problems in Percentage. The corresponding terms are:

1. The Sales or Sum Invested is the Base.

2. The Rate Per Cent. is the Rate.

3. The Commission is the Percentage.

4. The Purchase Price plus the Commission is the Amount. 5. The Net Proceeds is the Difference.

388. PRINCIPLE.-The commission is reckoned at a certain rate per cent. on the value of the sales and purchases.

389. 1. What will be an agent's commission for selling $385.15 worth of goods at 31%?

2. What is the commission for selling cattle to the value of $3184 at 23%?

3. What is the commission for selling cotton to the value of $8000, at 21 per cent.?

4. Mr. B. sent his agent $3468 to invest in goods, allowing him 2% commission. What sum did he invest in goods after deducting his commission? What was the agent's commission?

PROCESS.

$3468 1.02 $3400, Amount invested.

=

Remittance ÷ (1 + Rate) = Purchase Price. $3468-$3400= $68, Commission.

$1 worth of goods; he can therefore purchase as many dollars' worth of goods for $3468 as $1.02 is contained times in $3468, which is 3400 times. Therefore, he can purchase $3400 worth of goods. The money sent minus the amount invested will be the commission.

RULES. Since the same elements are involved as in the fundamental problems in Percentage, the rules are the same.

1. Commission

FORMULAS.

Sales or Purchase × Rate.

2. Rate Commission Sales or Purchase.

3. Sales or Purchase

Commission Rate.

4. Purchase Sum remitted÷(1+Rate).

5. If I send my agent $4050 to invest in goods, after deducting 3% commission, what sum will he invest?

6. If I send my agent $875 to invest in calico, allowing him 2% commission, how many yards can he buy at 6 cents per yard?

7. How much is an agent's commission for selling 385 bbl. flour at $6.50 per bbl., the rate of commission being 2%?

8. What is the commission for collecting bills to the ́amount of $784.25 at 5% ?

9. How much must an agent be paid for selling 25 bbl. pears at $12.75 per bbl., his commission being 6%?

10. What is the commission at 3% for selling 125 bbl. of potatoes at $2.37 per bbl.

11. A commission merchant sold 20 firkins of butter, each containing 56 lbs., at 28 cents per lb. How much was his commission at 8%?

12. What is the commission at 7% on a sale of 20 boxes of eggs, each containing 22 doz., at 23 cents per doz.?

13. How much commission must be paid to a collector for collecting an account of $928.75 at 38%?

14. I sent my agent $1525 to be invested in goods after deducting his commission of 2%. How much did he invest?

15. A merchant sent his agent $375.50 to invest in muslin at 8 cents per yard. After deducting 3% commission, how many yards of muslin did he purchase?

16. Mr. A. sent $3320.10 to be invested in goods after paying his agent 2% commission. What sum was invested? 17. A man sent his agent $3725.05 to invest in pork after deducting 11% commission. How much did he invest?

18. A speculator sent his agent in Chicago $8966.75 to invest in wheat. After deducting 3% commission, how many bushels of wheat did he buy at $1.11 per bushel? What was the commission?

19. An agent received $24.52 for selling goods at a commission of 2%. How many dollars' worth of goods did he sell?

20. How much money must I send my agent, so that he may purchase for me 150 bbl. flour at $8.25 per bbl. if I pay him 3% commission for his services?

21. A commission merchant received $318.25 for selling $12730 worth of bankrupt goods. What was the rate of commission?

22. A sale of real estate returned as net proceeds $2396.49, after paying $324.18 charges and a commission of 2%. For how much did it sell?

REVIEW EXERCISES.

390. 1. A man whose wages had been $27 per week was obliged to take 331% less. How much was the reduction? 2. A man bought a horse for $300 and sold him for $375. What per cent. did he gain?

3. When sugars that cost 10 cents a pound are sold for 11 cents, what per cent. is gained?

4. When land is selling at an advance of $40 an acre, what is the gain per cent. if it cost $120 an acre?

5. A boy sold apples at the rate of 2 for 3 cents which he bought at the rate of 3 for 2 cents. What did he gain per cent.?

6. A news agent sold $31 worth of goods in a day at a commission of 10%. How much was his commission?

7. A man lost $80 which was just 20% of his money. How much money had he?

8. A man paid 2% for selling his wheat and realized $1.47 per bushel. For how much did it sell per bushel?

9. The interest on $240 for 2 years was $28.80. At what per cent. was it loaned?

10. When money is loaned at 6% and the interest amounts to $75 on $1000, how long has it been loaned?

\ 11. When a merchant buys goods at of their estimated value, and sells them at their estimated value, how much is his gain per cent.?

12. When a man sells goods at a price from which he received a discount of 30%, what is his gain per cent.?

13. When a man can borrow money at 8%, which is more profitable, and how much per cent., to buy goods at 3% off for cash or on 3 mo. credit?

14. If I sell a horse for $125 which cost me $175, what do I lose per cent.?

15. A man sold a cow at an advance of $10, which was How much did she cost?

25% of what she cost.

S16. A boy can pick 333% as many apples as his father. If his father can pick 18 barrels a day, how many can the boy pick?

17. When a merchant buys goods at a discount of 20% from the regular price, and sells them at 20% more than the regular price, what is his gain per cent.?

18. Which is more profitable, to sell goods now, that cost 18 cents a yard, for 20 cents a yard, or to keep them 1 year? and sell them at 21 cents when money is worth 6%? How much more profitable on an investment of $1000?

19. Mr. A. bought a horse and carriage, paying twice as much for the horse as the carriage. He afterward sold the horse for 25% more than he gave for it, and the carriage for 20% less than he gave for it, receiving for both $577.50. What was the cost of each ?

20. After getting a note, without interest, discounted at a bank for 3 months at 7%, I had $468.39. What was the -face of the note?

21. A man can borrow money at 6% and pay cash for goods, obtaining a discount of 2%, or he may pay for the goods in 2 mo. Which is the more advantageous, and how much, on an invoice of goods amounting to $1500?

22. I had a note for $1000 discounted at a bank for 3 months at 7%. The proceeds were invested in wheat at $1.65 per bu. How many bushels did I buy?

23. Mr. A. sold a horse for $198, which was 10% less than he asked for him, and his asking price was 10% more than the horse cost him. What was the cost of the horse?

24. I bought a horse of Mr. A. for 20% less than he cost him, and I immediately sold the horse for 25% more than I paid for him, gaining $25. What did the horse cost Mr. A.? What did he cost me?