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To reduce N. England currency to Canada, N. York, Pennsylvania,

and Georgia currencies. N. York currency to English, Canada, N. England, Penn

sylvania and Georgia currencies.
Pennsylvania currency to English, Canada, N. England,

N. York, and Georgia currencies.
Georgia currency to English, Canada, N. England, N.

York, and Pennsylvania currencies.
Rates at which the following foreign coins are estimated at the Cuse

tom Houses of the United Staces. Livre of France,

$ '18}. Franc do.

$ '184. Silver Rouble of Russia

175. Florin or Guilder of the United Netherlands,

$ '40. Mark Banko of Hamburgh, Real of Plate of Spain,

$ 110, Real of Vellon of do.

$ '05. Milrea of Portugal,

$1'24. Tale of China,

$1'48. Pagoda of India,

$1'84. Rupee of Bengal,

$ 50. 2. Reduce 8764 livres to federal money. 3. Reduce 10,000 francs to federal money. 4. Reduce 250,000 florins to federal money. 5. In $1000, how many francs ?

$ 33}.

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INTEREST. 7 81. Interest is an allowance made by a debtor to a creditor for the use of money. It is computed at a certain number of dollars for the use of each hundred dollars, or so many pounds for each hundred pounds, &c. one year, and in the same proportion for a greater or less sum, or for a longer or shorter time.

The number of dollars so paid for the use of a hundred dollars, one year, is called the rate per cent. or per centum; the words per cent. or per centum signifying by the hundred.

The highest rate allowed by law in the New England States, is 6 per cent.,* that is, 6 dollars for a 100 dollars, 6 cents for a 100 cents, 6 pounds for a 100, &c. ; in other words, 186 of the sum lent or due is paid for the use of it one year. This is called legal interest, and will here be understood when no other rate is mentioned.

Let us suppose the sum lent, or due, to be $1. The 100th part of $1, or 10g of a dollar, is 1 cent, and no of a dollar, the legal interest, is 6 cents, which, written as a decimal fraction, is expressed thus,

'06.

In the state of New York, 7 per cent, is the legal interest; in England, the legal interest is 5 per cent

01. '005. (0025. "0075.

2

9.per cent.

93 per

cent.

So of any other rate per cent. 1

per cent., expressed as a common fraction, is Too; decimally, per cent. is a half of 1 per cent., that is

, per cent. is a fourth of*i per cent., that is,

per cent is 3 times per cent., that is, Note. The rale per cent. is a decimal carried to two places, that is, to hundredths; all decimal expressions lower than hundredths are parts of 1 per cent. & per cento, for instance, is ‘625 of 1 per cent., that is, '00625. Write 23 per cent. as a decimal fraction. per cent. is '02, and è per cent. is '005.

Ans. '025. Write 4 per cent. as a decimal fraction. 45 per cent. 44 per cent.

5 per cent.

74 per cent. 8 per cent. 84 per cent.

10 per cent. (10 per cent. is decimally, *10.) 103 per cent. 11 per cent. - 125 per cent.

15 per cent. 1. If the interest on $1, for 1 year, be 6 cents, what will be the interest on $17 for the same time?

It will be 17 times 6 cents, or 6 times 17, which is the same thing :

$17
'06

1'02 Answer; that is, i dollar and 2 cents. To find the interest on any sum for 1 year, it is evident we need only to multiply it by the rate per cent., written as a decimal fraction. The product (observing to place the point as directed in multiplication of decimal fractions) will be the interest required.

Note. PRINCIPAL is the money due, for which interest is paid. Amount is the principal and interest added together. 2. What will be the interest of $32'15 1 year, at 41 per cent. ? $32'15 principal.

There being five decimal '045 rate per cent. places in the multiplicand

and multiplier, five figures 16075

must be pointed off for de12860

cimals from the product,

which gives the answer, Ans. $1'44675

1 dollar, 44 cents, 6 mills,
and
75

of a mill. Parts of a mill are not generally regarded ; hence, $1'446 is sufficiently exact for the answer. 3. What will be the interest of $11'04 for 1 year, at 3 per cent. ?

- at 55 per cent. ? - at 6 per cent. ? cent. ? at 8$ per cent. ? at 94 per cent. ? at 10 per cent. ? at 104 per cent. ? at 11 per cent. ? at 114 per cent. ? at 12 per cent.? at 123 per cent. ?

at 74 per

4. A tax on a certain town is $1627'18, on which the collector is to receive 25 per cent. for collecting; what will he receive for collecting the whole tax at that rate?

Ans. $40ʻ679. Note. In the same way are calculated commission, insurance, buying and selling stocks, loss and gain, or any thing else rated at so much per cent. without respect to time.

5. What must a man, paying $0-373 on a dollar, pay on a debt of $132'25 ?

Ans. $49'593. 6. A merchant, having purchased goods to the amount of $580, sold them so as to gain 124 per cent., that is, 12 cents on each 100 cents, and in the same proportion for a greater or less sum; what was his whole gain, and what was the whole amount for which hie sold the goods?

Ans. His whole gain was $72'50; whole amount, $652'50. 7. A merchant bought a quantity of goods for $763-37 }; how much must he sell them for to gain 15 per cent ?

Ans. $877-881. 182, COMMISSION is an allowance of so much per cent. to a person called a correspondent, factor, or broker, for assisting merchants and others in purchasing and selling goods.

8. My correspondent sends me word that he has purchased goods to the value of $1286 on my account; what will his commission come to at 2 per cent. ?

Ans. $32'15. 9. What must I allow my correspondent for selling goods to the amount of $2317'46, at a commission of 3 per cent. ?

Ans. $75'317. INSURANCE is an exemption from hazard, obtained by the payment of a certain sum, which is generally so much per cent. on the estimated value of the property insured.

PREMIUM is the sum paid by the insured for the insurance.

Policy is the name given to the instrument or writing, by which the contract of indemnity is effected between the insurer and insured.

10. What will be the premium for insuring a ship and cargo from Boston to Amsterdam, valued at $37800, at 41 per cent. ?

Ans. $1701. 11. What will be the annual premium for insurance on a house against loss from fire, valued at $3500, at & per cent. ?

By removing the separatrix 2 figures towards the left, it is evident the sum itself may be made to express the premium aí 1 per cent., of which the given rate parts may be taken; thus, 1 per cent. on $3500 is $35'00, and f of $35600 is $26-25, Answer.

12. What will be the premium for insurance on a ship and cargo, valued at $25156'86, at & per cent.? at ; per cent. ? at $ per cent. ?

at per cent. ?

- at per cent. ? Ans. At 3 per cent. the preiniuin is $157'23. Stock is a general name for the capital of any trading company or corporation,

or of a fund established by government. The value of stock is variable. When 100 dollars of stock sells for 100 dollars in money, the stock is said to be at par, which is the

1

to

Latin word signifying equal; when for more, it is said to be above par ; when for less, it is said to be below par.

13. What is the value of $7564 of stock, at 1121 per cent. ? that is, when 1 dollar of stock sells for 1 dollar 12 cents in money, which is 125 per cent. above par, or 12; per cent. advance, as it is sometimes called."

Ans. $8509:50 14. What is the value of $3700 of bank stock, at 953 per cent., that is, 45 per cent. below par?

Ans. $3533'50. 15. What is the value of $120 of stock, at 92 per cent. ? at 864 per cent.? at 67 per cent. ? at 1043 per cent. ? at 1084 per cent. ? at 115 per cent. ?

at 375 per cent. advance ?

Loss AND GAIN. 16. Bought a hogshead of molasses for $60; for how much must I sell it to gain 20 per cent. ?

Ans. $72. 17. Bought broadcloth at $2.50 per yard; but it being damaged, I am willing to sell it so as to lose 12 per cent. ; how much will it be per yard?

Ans. $2'20. 18. Bought calico at 20 cents per yard; how must I sell it to gain 5 per cent? 10 per cent. ?

15 per cent. ? lose 20 per cent. ?

Ans. to the last, 16 cents per yard. 933. We have seen how interest is cast on any sum of money, when the time is one year; but it is frequently necessary to cast interest for months and days.

Now, the interest on $1 for 1 year, at 6 per cent., being '06, is '0l cent for 2 months, '005 mills (or $ a cent) for 1 month of 30 days, (for so we reckon a

month in casting interest,) and '001 mill for every 6 days; 6 being contained 5 times in 30.

Hence, it is very easy to find by inspection, that is, to cast in the mind, the interest on i dollar, at 6 per cent. for any given time. The cents, it is evident, will be equal to half the greatest even number of the months; the mills will be 5 for the odd month, if there be one, and i for every time 6 is contained in the given number of the days.

Suppose the interest of $1, at 6 per cent., be required for 9 months and 18 days. The greatest even nụmber of the months is 8, half of which will be the cents, '04; the mills, reckoning 5 for the odd month, and 3 for the 18 (3 times 6 = - 18) days, will be '00s, which, united with the cents, ('048,) give 4 cents 8 mills for the interest of $1 for 9 months and 18 days.

1. What will be the interest on $1 for 5 months 6 days? 6 months 12 days ?

7 months ?

8 months 24 days? 9 months 12 days?

10 months ? 11 months 6 days? 12 months 18 days ? 15 months 6 days? - 16 months? Opp Days. 2. What is the interest of $1 for 13 months 16 days?

The cents will be 6, and the mills 5, for the odd month, and 2 for 2 times 6 = 12 days, and there is a remainder of 4 days, the interest. for which will be such part of 1 mill as 4 days is part of 6 days, that is 1 = f of a mill.

Ans. '0677

3. What will be the interest of $1 for 1 month 8 days? months 7 days?

3 months 15 days? 4 months 22 days? 5 months 11 days?

6 months 17 days? 7 months 3 days ? 8 months 11 days?

9 months 2 days? 10 months 15 days?

11 months 4 days? 12 months 3 days? Note. If there is no odd month, and the number of days be less than 6, so that there are no mills, it is evident, a cipher must be put in the place of mills; thus, in the last example, -12 months 3 days, -the cents will be '06, the mills 0, the 3 days i a mill.

Ans. '0603. 4. What will be the interest of $1 for 2 months 1 day? 4 months 2 days? - 6 months 3 days? 8 months 4 days? 10 months 5 days? for 3 days? for 1 day? for 2 days? for 4 days?

for 5 days?

6. What is the interest of $56'13 for 8 months 5 days? The interest of $1, for the given time, is ‘0403; therefore, $ ) and } ) $56'13 principal.

‘0405 interest of $1 for the given time. 224520 interest for 8 months.

2806 interest for 3 days.

1871 interest for 2 days.

2'29197, Ans. 2'291. 5 days = 3 days + 2 days. As the multiplicand is taken once for every 6 days, for 3 days take }, for 2 days take ţ, of the multiplicand. +3=5 So also, if the odd days be 4 = 2 days to 2 days, take ţ of theo multiplicand twice ; for 1 day take :

Note. If the sum on which interest is to be cast be less than $10, the interest, for any number of days less than 6, will be less than i cent; consequently, in business, if the sum be less than $10, such days need not be regarded.

From the illustrations now given, it is evident, --To find the interest of any sum in federal money, at 6 per cent., it is only necessary to multiply the principal by the interest of $1 for the given time, found as above directed, and written as a decimal fraction, remembering to point off as many places for decimals in the product as there are decimal places in both the factors counted together.

EXAMPLES FOR PRACTICE. 6. What is the interest of $87'19 for 1 year 3 months ?

Ans. $6-539. 7. Interest of $116'08 for 11 mo. 19 days?

$6-751. 8. of $200 for 8 mo. 4 days ?

$8'132. 9. of $0-85 for 19 mo.?

$'08. of $8'50 for 1 year 9 mo. 12 days?

$'909. of $675 for 1 mo. 21 days?

$5737. 12. of $8673 for 10 days?

$14'455.

10. 11.

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