What 14. Bought goods at 80 cts., and sold at 170. per cent did I lose ? 123 = 121%. 100 15. Bought goods for $1 and sold for $4. What per cent did I gain ? Í 108 300%. 16. Bought goods for $4 and sold for $3. What per cent did I lose ? 1 = No 25%. = = 60 What per 17. Bought goods for $5 and sold for $2. What per cent did I lose ? = 10% = 60%. 18. Bought for $1 and sold for 75 cts. cent did I lose ? 10 = 25% . 19. Bought goods for $160 and sold for $180. What per cent did I gain? 124 B = 20 121%100 = INSURANCE. Insurance of property is a guarantee of a certain sum of money in case the property is lost by fire or any casualty, The contract for insurance is termed a Policy, and the sum paid annually is the Premium. The Premium is a certain percentage on the amount of risk. There are different modes of insurance, but all are dependent on the principle of percentage. EXAMPLES. 1. What is the premium on property on which a risk of $6000 is taken, at % for one year? 1 $6000 x zo = $30.00. 100 = 2. What is the premium on a risk of $5000, on which a premium note is given for 5% of the risk, and the interest on the note is 4% ? Note = 5000 x 60 = $250. Interest on note = 250 X 100 $10 = Premium. If the policy cost $1.00, the expense for the first year is $11.00. REM.-Sometimes the premium is made to cover both property and premium, in which case the risk is equal to the sum of the value on property and the premium. 3. What amt. must I have insured at 1% prem., to cover property and prem., when the risk on the property is $9950? As the premium is 1% = 188 Property. = 9950. zoo = 50. 888 = the whole risk = 10000. Interest is an allowance for the use of money. It is reckoned by percentage; thus, 5%, 6%, etc., meaning for a year, when not otherwise expressed; for any other time it is as the ratio of the time; thus, the interest of $100 at 6% is $6 for a year, for two years $12, and for six months $3. PROBLEMS. 1. Find the interest of $150, at 6%, for 1 year. $150 X Too = $9. For 8 months. $1.50 x ma x = 1.50 X sto = $6.00. COR.–At 6%, the rate per cent. for any number of months is the number of months; thus, for 8 months it is 4%, for 6 months it is 3%, and for 14 months 7%. 2. Find the interest of $150, at 6%, for 129 days ? $150 X CT X = $150 x 100 = $3.225. 129 60 Cor.—The interest of a sum of money for any number of days is equal to the product of the sum of money and the number of days divided by 6000; or, if the number of dollars be multiplied by the number of days and this product divided by 6, the quotient is the interest in mills; point off three decimals and it is reduced to dollars, cents, and mills. If the rate of interest is 7%, add t; if 8%, add }; if 9%, add t; if 5%, deduct $; if 4%, deduct 1; if 3%, take 1 The rate for 200 months is 100%; that is, the interest is equal to the principal. 200 months of $100 is $100. 2 months of $100 is $1. $.014. EXAMPLES. . 1. Find the interest of $100 for 1 year, at 6%, 9%, 8%, 9%, 10%, 5%, 4%, 3%, and 2%. For 1 year at 6% it is $6.00 1.00 7% add 1 $7.00 9.00 10.00 3.00 6 2% take ; f= 2.00 = = . 2. Find the interest of $625 at 6% for 8 months. Rate for 8 mo. is to or 4%. 625 X Io = $25.00. For 8 mo. and 20 days 834 8š 84, of 8 = 45. 100 625 X = $25.00. TM $27.084 3. What is the interest of $845 at 6% for 1 year 6 months and 24 days? 9 9 184 mo. Per cent. = 6 100 100 4. What is the interest of $845 at 7% for 1 year 6 months and 24 days ? at 8% ? 5%? 4%? = 179.43 At 6% = $79.43 Add = 26.47% Add t= 13.238 At 8% = 105.90g At 7% = $92.66% At 6% } |