Find the Cost,

2. Of coal sold at $6, being at a loss of 124%.

3. Of grain sold at $.96 a bushel, at a gain of 28%. 4. Of silk sold for $5.40 a yard, at a profit of 10%. 5. Of hops sold at 16 cents a pound, at a loss of 20%. 6. Of fruit sold for $207.48, at a loss of 15%.

7. Having used a carriage 1 year, I sold it for $125, which was 25% below cost. What should I have received

had I sold it for 10% above cost?

8. B sold a span of horses to C and gained 121%; C sold them to D for $550, and lost 16%. What did the horses cost B?

9. If a piece of property increases in value each year at the rate of 25% on the value of the previous year, for 4 years, and then is worth $16000, what did it cost?

535. 1. Bought cloth at $3.60 a yard. At what price must it be marked that 121% may be abated from the asking price, and still a profit made of 16%?

OPERATION.

Selling Price $3.60 × (1+.163)=$4.20.

Marking Price-$4.20÷(1-.121)=$4.80. (519.)

2. At what price must shovels that cost $1.12 each be marked in order to abate 5%, and yet make 25% profit ?

3. How must a watch be marked, that cost $120, so that 4% may be deducted and a profit of 20% be made?

4. A merchant, on opening a case of goods that cost $.80 a yard, finds them slightly damaged. How must he mark them, to fall 25% in his asking price, and sell at cost?

5. Bought land at $60 an acre; how much must I ask an acre, that I may deduct 25% from my asking price, and still make 20% on the purchase price?

COMMISSION.

536. An Agent or Commission Merchant is a person who buys or sells merchandise, or transacts other business for another, called the Principal.

537. Commission is the fee, or compensation, allowed an agent or commission merchant for transacting business, and is usually computed at a certain rate per cent. of the money involved in the transaction.

538. A Consignment is a quantity of goods sent to a commission merchant to be sold.

539. The Consignor is the person who sends the goods for sale. A consignor is sometimes called a Shipper.

540. The Consignee is the person to whom the goods are sent. He is sometimes called a Correspondent.

541. The Net Proceeds of a sale or other transaction is the sum of money that remains after all expenses of commission, etc., are paid.

542. A Guaranty is security given by a commission merchant to his principal for the payment of goods sold by him on credit.

543. An Account Sales is a written statement made by a commission merchant to his principal, containing an account of goods sold, their price, the expenses, and the net proceeds.

544. A Broker is a person who buys or sell stocks, bills of exchange, real estate, etc., for a commission, which is called Brokerage.

545. The principles and operations of Percentage involved in Commission and Brokerage are the same as those already treated.

546. The following are the corresponding terms:

1. The Base is the amount of sales, money invested, or collected.

2. The Rate is the per cent. allowed for services. 3. The Percentage is the Commission or Brokerage.

4. The Amount or Difference is the amount of sales, plus or minus the commission.

WRITTEN EXERCISES.

547. Find the Commission or Brokerage, 1. On a sale of flour for $2575, at 21%.

OPERATION.-$2575 × .025 = $64.37. (512.)

×

FORMULA.-Amount of Sales x Rate % = Commission.

2. On the purchase of a farm for $13750, at 23%.

3. On the sale of a mill for $9384, at 3%.

4. On the sale of $21680 worth of wool, at 14%.

5. On the sale of 250 bales of cotton, averaging 520 lb.,

at 14 cents a pound; commission 11%.

6. On the sale of 175 shares of stock, at $921 a share; brokerage, 4%.

7. On the sale at auction of a house and the furniture for $9346.80, at 61%.

8. A commission merchant sells 225 bbl. of potatoes at $3.25 per bbl., and 316 bbl. of apples at $41 per bbl. What is his commission at 41%?

548. Find the rate of commission or brokerage,

1. When $89 commission is paid for selling goods for

$3560.

OPERATION.-89 ÷ 3560 = .021 = 21%. (515.)

FORMULA.-Commission

Amount of Sales

Rate %.

2. When $165 com. is paid for selling goods for $4959, 3. When $63 is paid for collecting a debt of $1260. 4. When $117.75 is paid for selling a house for $7850. 5. When $235.40 is paid for buying 26750 lb. of wool at 32 cents a pound.

6. When $125 is paid for the guaranty and sale of goods for $2500.

7. Paid my N. O. agent $74.25 for buying 26400 lb. of rice, at 4 ct. a lb. What was the rate of his commission? 549. Find the Amount of Sales,

1. When a commission of $147 is charged at 31%. OPERATION.-$147 ÷ .035 = $4200. (517.)

FORMULA.-Commission Rate % = Amount of Sales.

2. When $92.80 commission is paid at 33%. 3. When $210 commission is charged at 6%.

4. When $24 brokerage is paid at 1%.

5. When $135 commission is charged at 11%.

6. Paid an attorney $72.03 for collecting a note, which was a commission of 7%. What was the face of the note?

550. Find the Amount of Sales,

1. When the net proceeds are $4875, commission 21%. OPERATION.-$4875 ÷ .975 = $5000. (519.)

FORMULA.-Net proceeds÷(1-Rate %)=Amt. of Sales. 2. When the net proceeds are $3281.25, commission 124%.

3. When the net proceeds are $560, and the com. 4%. 4. After deducting 61% commission and $132 for storage, my correspondent sends me $23654.25 as the net proceeds of a consignment of pork and flour. What was the gross amount of the sale?

551. Find the amount to be invested,

1. If $9500 is remitted to a correspondent to be invested in woolen goods, after deducting 5% commission. OPERATION.-$9500 ÷ 1.05 $9047.62. (519.)

=

FORMULA. Amount Remitted (1+ Rate %) Invested.

= Sum

2. If $4908 be remitted, deducting 44% commission. 3. If $3246.20 be remitted, deducting 2% commission. 4. If $1511.25 be remitted, deducting 4% commission. 5. If $10701.24 be remitted, deducting 1% brokerage. 6. A dealer sends his agent in Havana $6720.80, with which to purchase oranges and other fruits, after deducting his commission of 5%. What sum did the agent invest, and what was the amount of his commission?

7. What amount of sugar can be bought at 8 cents a pound, for $2523.40, after deducting a commission of 13%. 8. Remitted to a stockbroker $10650, to be invested in stocks, after deducting 1% brokerage. What amount of stock did he purchase?

9. A broker received $45337.50 to invest in bond and mortgage, after deducting a commission of 21%. What amount did he invest, and what was his commission?

10. Sent $250.92 to my agent in Boston, to be invested in prints at 15 cents a yard, after taking out his commission of 2%. How many yards ought I to receive?