Walkingame's Tutor's Assistant, Revised and Modernized by E. Lethbridge

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1868 edition. Excerpt: ... half the rate per cent. and twice the number of years; for quarterly payments, take a quarter of the rate per cent. and four times the number of years. REBATE, OK DISCOUNT, Is the abatement or allowance that is made on the payment of money before it is due, and is equal to the interest that the money actually paid would produce in the given time at the given rate. Note.--This is what is called the true discount; banker's discount is simply the interest on the whole sum for the given time at the given rate. Three days (called Days of Grace) are always added to the time of a bill. Rule.--As 100 with the interest for the time given is to the sum given, so is that interest to the discount required. Subtract the discount from the given sum, and the remainder will be the present worth. EXAMPLES. LXV. (1) What is the discount and present worth of 487 12s. for 6 months, at 6 per cent. per annum? 6m. is ) 6 As 103: 487 12:: 3: Ans. 14 4 0 --178 the discount 3 100 From 487 12 0 given sum 103 Take 14 4 0-the discount Ans. 473 7 llf present worth When the present worth only is required, say--As the amount of 100 for the given time is to the given sum, so is 100 to the present worth, viz.: --As 103: 487 12:: 100: 473 7 llf (2) What is the present worth of 500, payable in 10 months, at 5 per cent. per annum? Ans. 480 (3) How much ready money can I receive for a note of 75, due 15 months hence, at 5 per cent. per annum? Ans. 70 lis. 9d.--375 rem. (4) What is the present payment of 357 10s., which was agreed to be paid 9 months hence, at 5 per cent. per annum? Ans. 344 lis. 6 d.--375 rem. (5) What is the discount of...