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Applications of Percentage.
231. DISCOUNTS FROM List Price.
Dealers in hardware, rubber boots and shoes, belting, rubber hose, and many other kinds of goods, sell from a list price agreed upon by the manufacturers. The actual price is usually less than the list price. “ 20% off” means that the list price is to be discounted 20%. “20 and 10 off” means that the list price is to be discounted 20%, and what remains is to be discounted 10%. Sometimes as many as nine successive discounts are allowed. Observe that in computing these the base changes with each discount.
Find the actual cost of
1. 500 ft. 4-inch gas pipe, (list, 74 per ft.) at 50 and 10 off.
2. 350 ft. J-inch gas pipe, (list, 8¢ per ft.) at 50 and 10
3. 200 ft. 14-inch gas pipe (list, 264 per ft.) at 55 and 10 off.
4. 260 ft. 2-inch gas pipe (list, 35€ per ft.) at 55 and 10 off.
5. 48 -in. elbows, (list, 7$ each) at 65 and 20 off. 6. 36 4-in. elbows, (list, 9¢ each) at 65 and 20 off.
(a) Find the entire cost of the six items. 7. Find the cost of 12 pairs men's rubber boots, (list, $3.00 per pair) at 25 and 10 off. Find the cost of the same at 35 off. Why are the results unlike?
8. Which is the lower price, 50 and 10 off, or 60 off, the list being the same?
9. Bought for 40 off from list price and sold for 10 off from list price. What was my gain per cent ?
10. Bought for 70 off from list and sold for 50 and 20 off from list. Did I lose or gain and how many per cent?
Applications of Percentage.
232. SELLING “on Commission.” When goods are sold "on commission " the selling-price is the base; that is, the seller receives a certain per cent of the selling price as remuneration for services.
Commission is the sum paid an agent, or commission merchant, for transacting business.
1. At 40 %, what is the coinmission for selling $275 worth of books? If the salesinan sells and collects for 40% of the selling price, how much of the $275 will he retain and how much“ pay over
to the man for whom he sells the books? 2. While selling books on a commission of 40% my commission amounted to $56. What was the selling price of the books? If I not only sold but collected for 40% of the selling price, how much money should I “pay over
to my employer ?
3. A real estate agent sold a house and lot for $4250. his commission is 5%, how much should he receive for his services ?
4. A real estate agent sold a piece of property upon which his commission at 5% amounted to $275. What was the selling price of the property ? How much should the owner receive for the property after deducting the commission ?
5. A commission merchant sold 2140 lb. of butter at 23° a pound. After deducting his commission of 5% and pay. ing freight charges of $36.50, and storage charges of $21.40, how much should he send to the man for whom he made the sale ?
Applications of Percentage.
A tax is a sum of money paid for public purposes. A tax on property is reckoned at a certain per cent of the assessed value of the property. The assessed value may or may not be the real value. It is often much below the real value.
1. Mr. Hardy has a farm of 240 acres which he values at $24000. Its assessed value is $22 per acre. If his state tax is }%, his county tax 14%, his town tax 1%, his school tax 2%, and his special road and bridge tax 1%, how much money must he pay as taxes on his farm ?
2. The assessed value of the taxable property of a certain school district is $176,242.25. If the school tax is 21% and the collector receives 2% of the amount collected as his commission, and collects the entire amount of the tax, how much should the district officers receive from this source for school purposes ?
3. The assessed value of Mr. Randall's property is $3400. At the rate of 15 mills on a dollar*, how much tax must he pay?
4. The assessed value of the property of a district of a certain city is $250,000. (a) What must be the per cent of taxation to raise $10,000 ? (b) What will be the net sum realized for public purposes if the collector is able to collect only 95% of this tax and he receives for his services 2% of the amount collected ?
5. Mr. Evan's tax is $35.60; the rate of taxation is 21%. What is the assessed value of his property ? †
*** 15 mills on a dollar" is the same as 11 %. + $35.60 is what part of the assessed value?
Applications of Percentage. 234. Insurance is a guaranty by one party to pay a certain sum to another party in the event of loss or damage.
The policy is the written contract given by the underwriter to the insured. The premium is the sum paid for insurance.
PROBLEMS. 1. A store valued at $7500 was insured for $5000 for 1 year. The rate of insurance was 2%. What was the amount of the premium?
2. A stock of goods valued at $10000 was insured for $5000. A fire occurred, but part of the goods were saved. It was found that the entire loss to the owner of the goods was $4750. (a) How much should he receive ? (b) How much should he receive if the loss were $5750 ? *
3. An insurance agent offers to insure my farm buildings for $3500 for 1 year at 1%, or for 5 years at 3% ; the entire premium in either case to be paid in advance. (a) If I accept the first proposition, how much is the premium to be paid ? (b) How much if I accept the second ?
4. What is the rate of insurance on the nearest store and stock of goods ? On farm property? On village or city property other than stores ? +
5. A large building was insured in one company for $25000, in another company for $15000. It was damaged by fire to the extent of $12800. How much of the damage should each company pay ?
NOTE.—The companies must share the loss in proportion to the amount of insurance carried by them.
*In case of total loss the owner would receive $5000. In case of partial loss the owner should receive the full amount of the loss, provided it does not exceed $5000.
† Any insurance agent will be willing to answer these questions for you.
235. MISCELLANEOUS PROBLEMS IN APPLICATIONS OF
1. A dealer who had marked goods 50 % above the cost, sold them after deducting 10% from the marked price. His profit on that sale was what per cent of the cost of the goods ?
2. By selling a suit of clothes for $7.20 I would lose an amount equal to 10 % of the cost. For what must I sell the suit to gain a sum equal to 10 % of the cost ?
3. I sold goods at a loss of 7%. My actual loss was $3.50. What was the cost of the goods ?
4. The real value of a stock of goods was $8250. They were insured for $5500. A fire occurred and the salvage amounted to only $575. If the insurance company promptly settles in accordance with the above facts what is my actual loss by the fire ?
5. If I sell goods on a commission of 121 %, what must be the amount of my sales in order that I may receive an annual salary of $2500 ?
6. A school numbers 140 pupils. The absence for one week was as follows: Monday, 3 days; Tues., 5 days; Wed., 4 days; Thurs., 5 days; Friday, 3 days. (a) What was the per cent of absence? (b) What was the per cent of attendance ?
7. Sold a horse for $120 and gained 25 %. What did the horse cost me ?
8. When the cost is of the selling price what is the gain
per cent ?
9. When the selling price is į of the cost what is the loss
per cent ?
10. The sum collected was $2321.50 ; commission for collecting was 6%. What was the cost of collecting?