85. Given the net proceeds $438.44, and the commission $13.56, find the rate of commission. 86. A realestate agent charged $446.25 for selling a piece of property for $12,750. What was the rate of his commission ? 87. The net proceeds of the sale of 244 bbl. of four is $1124.23, the commission being 3%. Find the selling price of the flour per barrel. 88. An agent bought for a dealer 360 baskets of peaches @ 82€ a basket, charging 31% commission. Find the total cost to the dealer. 89. An agent sold 82 horses @ $112.50 each and paid his principal $8763.75 as the proceeds of the sale. Find the rate of the agent's commission. 90. A real-estate agent charged $562.50 for selling a piece of property. The rate of commission being 41%, at what price did he sell the property ? | 91. A commission merchant sold 225 bbl. of apples @ $2.87 a barrel, charging 7¢ a barrel for storage and a commission of 5%. Find the net proceeds of the sale. 92. A commission merchant sold some produce, charging 31% for his services. He remitted to his principal $1621.20. At what price did he sell the produce ? 93. A manufacturer sent his agent $3177.81 to pay for some leather, and the commission of 1%. How much did the agent invest and how much was his commission ? 94. broker bought 700 bales of cotton for a customer @ 12.1¢ per pound. Taking the bales as weighing 500 lb. each, and the brokerage at $5 per hundred bales, find the number of pounds purchased and the total cost including the brokerage. 95. On which will the net amount after deducting the commission be greater, a sale of $980 less 3% commission, or one of $970 less 2% commission? How much greater ? 96. A clerk receives $4 a week and 2% commission on goods sold. If he sells $372 worth of goods in a week, what is his income for the week ? 97. On which will the net amount after deducting the commission be greater, a sale of $1500 less 4% commission, or one of $1600 less 10% commission ? If there is any difference, what is it? 98. A clerk receives $10 a week and 13% commission on goods sold. If he sells $492 worth of goods in a week, how much is his income for the week ? 99. A city grocer sends a man out to his customers' residences every morning to take orders. If the man receives 8% commission on all orders, and if he takes orders to the amount of $9800 a year, how much does he earn ? 100. An agent sells some property for one man for $7500 on a commission of 2%, and some for another man for $6000 on a commission of 21%. On which does he receive the greater commission, and how much commission does he receive in all ? 101. A saleswoman is offered her choice of $8.50 a week, $5 a week with 1% on all sales, or 4% on all sales. She takes the last plan, and her sales for 52 weeks average $265 a week. How much does she gain over each of the other two plans ? 102. In a large dry-goods store in New York a woman is employed to "shop" for out-of-town customers. She receives from the dealers a commission of 5% on all purchases. Her purchases amount to $422 a month, on the average. How much is her commission during the year ? EXERCISE 144 PROBLEMS WITHOUT NUMBERS 1. If you know the amount paid by an agent for some property, and his rate of commission, how do you find the amount of his commission ? 2. If you know the amount received by a broker for goods sold, and his rate of brokerage, how do you find the net amount remitted to his principal ? 3. If you know the net amount of a sale remitted by an agent to his principal, and the rate of his commission, how do you find the price at which the property was sold ? 4. If you know the net amount left after the commission has been deducted, and the price at which the property was sold, how do you find the rate of commission ? 5. If you know the amount collected by an agent, and the rate of his commission, how do you find the net amount to be remitted by him to his principal ? 6. If you know an agent's rate of commission for collecting some money, and the net amount remitted by him to his principal, how do you find the amount collected ? 7. If you know the price per acre at which an agent sells some land, the number of acres, and the rate, how do you find his commission ? 8. If you know the price per acre at which an agent sells some land, the number of acres, and the commission, how do you find the rate of commission ? 9. If a farmer sends a certain number of barrels of apples to a commission merchant, and these are sold at a certain price per barrel, and the freight per barrel and the rate of commission are known, how do you find the amount due the farmer ? CHAPTER XVI INTEREST 246. Interest. Money paid for the use of money is called interest. Interest is computed as a certain per cent of the money used. Thus, if a man borrows $500 for a year, at 6%, the interest is 6% of $500, or $30. 247. Principal. Money loaned on which interest is paid is called the principal. In the example just given, $500 is the principal. 248. Rate of Interest. The rate per cent of the principal paid in interest for one year is called the rate of interest. In the example under $ 246, the rate of interest is 6%, and the amount is $500 + $30, or $530. For example, consider the following: Interest for 1 yr. = 5% of $840 = $42. Interest for 2 yr. = 2 x $42 = $84. Interest for 1 yr. = 51% of $750 = $41.25. Therefore, to find the interest, given the principal, rate, and time, multiply the principal by the rate, and the product by the number that expresses the time in years. EXERCISE 145 Given the principal, rate, and time, find the interest : 1. $100, 6%, 2 yr. 19. $100, 6%, 24 yr. 2. $100, 4%, 3 yr. 20. $100, 5%, 27 yr. 3. $100, 3%, 4 yr. 21. $200, 6%, 34 yr. 4. $200, 6%, 3 yr. 22. $200, 5%, 21 yr. 5. $300, 6%, 2 yr. 23. $375, 6%, 21 yr. 6. $600, 3%, 2 yr. 24. $675, 4%, 34 yr. 7. $250, 6%, 2 yr. 25. $480, 6%, 21 yr. 8. $375, 4%, 3 yr. 26. $540, 6%, 3; yr. 9. $650, 6%, 5 yr. 27. $640, 5%, 21 yr. 10. $275, 5%, 2 yr. 28. $975, 4%, 2 yr. 11. $350, 4%, 3 yr. 29. $975, 54%, 2 yr. 12. $460, 6%, 2 yr. 30. $725, 44%, 3 yr. 13. $525, 5%, 3 yr. 31. $835, 31%, 2 yr. 14. $265, 4%, 2 yr. 32. $425.50, 6%, 21 yr. 15. $425, 5%, 3 yr. 33. $375.75, 6%, 3} yr. 16. $635, 6%, 4 yr. 34. $420.50, 5%, 24 yr. 17. $875, 6%, 2 yr. 35. $2450, 4%, 31 yr. 18. $925, 5%, 5 yr. 36. $3575, 5%, 24 yr. 37. A man borrowed $250 and agreed to pay 6% interest. He kept the money a year. How much interest did he pay? 38. A man borrowed $250 and agreed to pay 6% interest. He kept the money two years. How much interest did he pay? 39. How much is the interest on $400 at 6% for 1 yr. ? for 2 yr. ? for 1 yr. ? for 11 yr. ? for 2 yr. 6 mo. ? 40. How much is the interest on $600 at 4% for 1 yr. ? for 2 yr. ? for 6 mo. ? for 1 yr. 6 mo. ? for 2 yr. 6 mo. ? |