INTEREST 576. Oral Questions. 1. What per cent of $100 is $6? A man borrows $100, and at the end of the year pays back the $100, and pays also $6 for interest. What per cent does he pay for interest? 3. A man borrows $100, and at the end of 2 years pays back $100, and $12 for interest. What per cent a year does he pay for interest? 577. Interest is a charge for the use of money. 578. The Principal is the money used, or borrowed. 579. The Amount is the sum of the Principal and the Interest. 580. The Rate of Interest is the rate per dollar, or so many cents on the hundred cents, for 1 year. 581. Written Exercises. I. Find the interest on $600 for 3 years at 8%. 582. Oral Questions. 1. What part of a year is 6 mo.? 9 mo.? 3 mo.? 2. What part of a month is 15 days? 20 days? 10 days? In Interest computations 30 days = 1 month 583. Written Exercises. 2. $150 for 1 year 3 months at 6%. 584. Interest for Days. 1. Find the interest on $100 at 6 % for 15 days. Find the interest on 2. $100 at 6% for 2 months 15 days. 3. $456 at 6% for 2 years 6 months 20 days. 4. $150 for 1 year 11 months at 6%. 5. $240 for 1 year 10 months at 7 %. 585. Time between Dates. 1. Find the difference in time between Aug. 19, 1903, and Sept. 1, 1905. As 19 cannot be subtracted from 1, one of the months in the minuend is changed to days, so that 8 mo. 19 da. will be subtracted from 8 mo. 31 days. See prob. 2, Art. 545. 2. Find the difference in time between June 18, 1900, and April 21, 1906. 3. Find the difference in time between Jan. 22, 1902, and Dec. 19, 1906. 4. Dec. 15, 1903, a man borrowed $450, at 7 %, and paid principal and interest May 5, 1906. What amount did he pay? 5. Find the amount of $600 from July 19, 1900, to May 4, 1902, at 7 %. 6. Find the amount of $750 from April 1, 1902, to May 16, 1903, at 8 %. 7. Find the interest at 5% on a note for $500 dated May 2, 1904, and paid June 17, 1905. 8. Find the amount due on the following note, paid six months after its date: $1000,0% BALTIMORE, MD., Sept. 14, 1906. On demand I promise to pay Charles W. Franks, or order, one thousand dollars, with interest at 6 per cent. Value received. L. S. MILES. For goods billed at $1 540, a merchant gave his note, payable in 90 days, with 6 % interest; find the amount of the note. 10. A note for $345, dated June 8, 1905, was paid Nov. 14, 1906, with interest at 8%. What was the amount paid? 586. To find Interest: Multiply 1% of the Principal by the Rate per cent. Then multiply by the number of years. To find the Amount: Add the Principal to the Interest. 587. Oral Review Problems. 1. What is the area of a rectangle 5 feet long, 4 feet wide? 2. A man had $50, and spent $10.25; how much did he then have? 3. How many boxes, each to contain bushel, can you fill from a sack holding bushel of meal? 4. If of a man's age is 36 years, how old is he? 6. If you shell a peck of corn every 12 minutes, how long will it take you to shell a bushel and a quarter? 7. A man works for $2.25 per day; what are his weekly wages? 8. You sell milk for $6 at 3 cents a pint; how many gallons do you sell? 9. What two numbers make the product 85? 10. If a man earns $2.25 per day and works 6 days in the week, in how many weeks does he earn $150? 11. A man spent 20 % of his money and had $10 left; how much had he at first? 12. You buy apples at 3 for a cent and sell them at 2 for a cent; what per cent do you gain? 13. How many pounds of sugar at 61 cents a pound will pay for 6 dozen eggs at 163 cents a dozen? 14. Let your chickens have a quart of corn per day; in how many days will they get a bushel and a half? |