EXERCISE 141

REVIEW

1. Find the net amount of a bill for $880 subject to discounts of 2%, 5%, and 10%.

2. On a bill of $620 trade discounts of 5% and 5% are allowed. What is the net price?

3. Find the net cost of a piano marked $450, with trade discounts of 3%, 8%, and 10%.

4. What is the list price of an article whose net cost is $6.15 after discounts of 20% and 25% are deducted?

5. What per cent of profit will a man make by paying $17.10 for an article, with discounts of 20%, 10%, and 5% from the list price, if he sells it at the list price?

6. Furniture is bought at trade discounts of 5% and 16% from the list price, and the net cost is $518.70. Find the list price of the furniture.

7. Find the net amount of a bill of $470, the trade discounts being 20% and 5%. What single rate of discount is equivalent to these discounts?

8. What single discount is equivalent to a discount series of 40%, 20%, 10%, and 5% ?

9. Which is the better for the purchaser, and how much better: two successive trade discounts of 25% and 10% on a bill of $500, or a single discount of 33% ?

10. Which is the better for the seller, and how much better trade discounts of 20%, 12%, and 3%, on a bill of $800, or a single discount of 31%?

11. Which is the better for the purchaser, and how much better trade discounts of 10%, 10%, and 10%, on a bill of $625.75, or a single discount of 27%?

:

EXERCISE 142

PROBLEMS WITHOUT NUMBERS

1. If you know the list price of some goods and the single rate of discount, how do you find the net price?

2. If you know the list price and net price, how do you find the rate of discount?

3. If you know the net price and the rate of discount, how do you find the list price?

4. If you know the list price and the several rates in a discount series, how do you find the net price?

5. If you have a discount series, is it right to add the several rates to find the single rate of discount? State the

reason.

6. If you know the several rates in a discount series, how do you find the single rate equivalent to them?

7. If you know the several rates in a discount series, and the net price, how do you find the list price?

8. Does it make a difference in the net price if you vary the order in a discount series? State the reason.

9. If the rate of discount is given in per cent, how can you express it as a common fraction ?

10. If the rate of discount is given as a common fraction, how can you express it as per cent?

11. If a discount series is given in per cents, how can you express it as a single common fraction?

12. If a discount series is given in common fractions, how can you express it as a single rate per cent?

13. If a dealer marks some goods a certain rate above cost, and then takes off that same rate as a discount from the marked price, does he gain or lose? Why?

CHAPTER XV

COMMISSION

243. Commission or Brokerage. A sum paid by one person to another for transacting business is called commission or brokerage.

For example, if a man sells a house for another man, at 2% commission, and the price received is $5000, the amount of the commission is 2% of $5000, or $100.

Similarly, if a man collects a bill of $250 for another man, at 5% commission, he receives 5% of $250, or $12.50.

244. Principal and Agent. The person for whom another transacts business is called the principal. The person who transacts the business is called the agent.

245. Commission Merchant and Broker. An agent who has actual possession of the goods of his principal is called a commission merchant.

An agent who makes sales or purchases for his principal without having actual possession of the goods is called a broker.

Commission and brokerage are usually reckoned at a certain per cent of the money involved in the transaction. If goods are bought, the commission is a certain per cent of the cost; if goods are sold, the commission is a certain per cent of the amount received; if a collection is made, the commission is a certain per cent of the amount collected. Brokerage is often a fixed sum per bushel (as of wheat purchased), a fixed sum per 100 bales (as of cotton), a fixed sum per tierce (as of lard), and so on.

In all problems, unless otherwise directed, discard any fraction of a cent less than in a final result; when a fraction of a cent is or more, count it as a full cent.

EXERCISE 143

Find the commissions on sales or purchases of the follow

Find the net amounts remaining after deducting commis

sions on sales as follows, at the rates specified:

46. After paying 5% for collecting a debt of $1200, how much remains?

47. After paying 3% for selling some property for $3200, how much remains?

48. An agent received $84, or 2%, for selling some property. What was the selling price?

49. An agent received $75, or 21%, for selling some property. What was the selling price?

50. An agent sold 325 bu. of wheat @ 80% a bushel, charging a commission of 5%. Find the net proceeds.

51. An agent charged $6.63 for selling 52 bu. of tomatoes @ 85% a bushel. Find the rate of his commission.

52. What is the commission at 31% on a sale of potatoes to the amount of $1270?

53. A real-estate agent charged $246.25 for selling a piece of property for $9850. What was the rate of his commission? 54. A real-estate agent charged $312.50 for selling a piece of property for $12,500. What was the rate of commission?

55. An agent sold 44 wagons @ $135 each and paid his principal $5197.50 as the proceeds of the sale. Find the rate of the agent's commission.

56. An agent bought for a dealer 240 baskets of peaches @75% a basket, charging 31% commission. Find the total cost to the dealer.

57. A commission merchant sold 45 bbl. of apples @ $2.80 a barrel, deducting 6 a barrel for storage and a commission of 5%. Find the net proceeds of the sale.

58. An agent sold some produce for $935, charging 3% commission. How much did he remit to his principal?

59. An agent sold some produce, charging 3% for his services. His commission amounted to $28.05. How much did he remit to his principal, after deducting his commission?

60. An agent sold some produce, retaining his commission of $3.69 and remitting the proceeds, $119.31. What was the rate of commission?

61. A commission merchant sold some produce, and, after deducting his commission, remitted to his principal $906.95. His commission amounted to $28.05. What was the selling price? What was the rate of his commission?