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PROBLEM II.

In a sale of goods for $100, at 1% commission, the owner will realize $99; that is, of the amount of sale.

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When stocks, bonds, drafts, or currency, are purchased at a discount of 2%, the cost of $100 worth will be $98; that is, of the face of the bond, etc.; but when they are purchased at a premium of 2%, the cost of $100 worth is $102; that is, 18% of the face.

PROBLEM IV.

In the exchange of currency, when there is a premium on the funds on hand, as that of English money to be exchanged into United States, the premium in favor of England is about 9%; it is computed as follows:

and

Eng. £ × 40 × 188 = $ U. S.,

$ U. S. X a × 1% = £ Eng.

that is, England gets $109 for every $100 of her money, and the United States must pay $109 of her money for $100 English money.

REM. This is according to the old exchange value. Now, however, the exchange value of £1 is fixed at $4.86.

EXAMPLES.

1. A broker sold goods to the amount of $6000, at 2% commission, and invested the balance of the proceeds, after deducting 2% on the amount of purchase; what was the owner's portion of the sale, and what amount of goods were purchased?

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$57641, amt. of goods purchased. REM.-Observe the difference in the ratios of the sale and

purchase.

2. What is the cost of a bond for $5000 at 5% discount, stocks whose face indicate $2000 at 4% premium, $1000 currency at 2% discount, and $3000 gold at 8% premium? $5000 × 25 95 2000 × 18

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=

$4750

2080

980

3240

$11050

COR.-When brokerage is paid in the exchange of money, the percentage is on the amt. purchased, which, if the rate is 2%, is 10% of the funds on hand.

3. If a broker makes sales to the amount of $500, on which he receives 3%, what is his commission?

5

$$♠♠ X xx = $15.

2. What is the cost of a draft for $1000 at a premium of 1%?

5 1001 201
X = $1005.
100 200

$1000 ×

3. What is the face of a draft at 1% premium, costing $1005 ?

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4. A broker makes sales for $4325, at 2%; what is the brokerage, and what does the owner realize?

43.25 x = $86.50, commission.

43.25 × 98

= $4238.50, owner realized.

5. A merchant sells to a broker $3275 uncurrent funds at 5% discount; what does he realize?

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6. An architect charges 11% for plans and specifications, and 24% for superintending a building, the cost of which is $10000; what is the architect's fees? Ans. $400.

7. A broker has 2% commission, and 3% for guaranteeing payment; what does he receive on sales amounting to $42325? Ans. $2116.25.

8. I sent my broker $4000 to purchase goods; what amount of goods did he purchase after deducting commissions at 2% on the amount of goods? $4000 × 188. For every $102 he gets $100 worth of goods.

9. Bought a draft on New York, the face of it $500 premium, 1%; what is the whole cost and the premium?

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10. Sold goods to the amount of $4444, and invested the proceeds, after retaining my commissions, which were 2% on the sales, and 1% on the investment; what was the amt. of investment?

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11. A man purchased of a broker 1000 dollars in gold, on which he pays a premium of 15%. How much cur rency does he invest ?

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12. A merchant sells to a broker $5275 uncurrent funds at 5% discount. What does he realize?

$5275.00

$5275 × 1 × =

263.75 Discount.

$5011.25 Realizes.

13. My agent made a compromise with a debtor owing $3264, at 60%, and his fee was 5%. What did I receive? 5% on 60 = 3%; 3264 × 5 =

14. Paid $116.40 commission on the sales of goods, at 11%. What was the amount of sales? and also the net proceeds?

116.40 x

100
11

= 116.40 × 20o 38.80 × 200.

15. A tax collector receives $2430 for his collections, at 21%. What is the amount of taxes collected?

100

$2430 ×

= 480 × 2430 = 270 × 400.

21

16. I sent my broker $5000 to purchase goods, his charge was 2% on the amount of goods. What amount did he buy?

For $102 he bought $100 goods; ..

5000 × 18%

=

17. Goods sold on commission at 21%, the consignee received $3755.40. What was the amount of sales?

159

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ANALYSIS.

= 188

100

48

=

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18. A broker sells 50 tons of hay, proceeds $862.944, brokerage 14%; how much per ton did the owner realize? Ans. $17.

19. Sold flour at 21% commission, invested of the amount of sales in sugar at 13% commission; the balance, after deducting commissions, was $430. What was the flour sold for, and how much was invested in sugar? The commission on sugar = 4 × 1 The whole commission on sugar and flour = 31%.

= 1%.

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31% on the whole is 14% on ; the balance is $500, which is the sales of flour; therefore, flour sold for $2000 and $1500 invested in sugar.

20. Sold goods at 4% commission, and invested the proceeds, except my commissions, in other goods at 4% commission. My commissions were $200; what was the amount of sales and also of the investment?

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