323. To find the rate of taxation, From the entire tax to be raised subtract the amount of the poll taxes, and divide the remainder by the value of the taxable property. To find each individual's tax, Multiply the value of each individual's taxable property by the rate, and to the product add his poll tax. 163. A certain town proposes to raise $20228 by taxation. The valuation of both real estate and personal property is $975000, and there are 416 polls, each assessed at $1.75. What is the tax of Mr. A., whose property is valued at $ 2578, and who pays one poll tax? 164. If $6256.32 taxes must be raised, and 2 % is paid for collecting, and 5 % of the amount assessed cannot be collected, and 4% is deducted from the tax bill of each who person the tax before a given date, what sum must be assessed, on the supposition that all who pay, pay before the given date? OPERATION. 0.98) $6256.32 0.96) $6384, tax collected. pays 0.95) $6650, tax assessed and collectible. $7000, whole tax assessed. 324. When the rate of taxation has been determined, the labor of preparing a tax list is lessened by using a table giving the tax on $1 to $9 inclusive. Table for a Rate of $0.015, or $15 on $1000. 165. Using this table, find the tax on $973.60. decimal point of the tax in the table to the right or left as the given 290. What does per cent mean? 291. Define rate. 292. Define percentage. 293. What is the base? 294. How is the rate expressed? 298. Give the Rule for finding the percentage when the base and the rate are given. 301. Give the Rule for finding the rate when the base and the percentage are given. 304. Give the Rule for finding the base when the percentage and the rate are given. 305. What is meant by the term Profit and Loss? What is the base? What is the percentage? 308. What is Insurance? 309. What is the premium? 310. What is the policy? What is the base? What is the percentage ? 311. What is Commission? What is the base? What is the percentage? 315. What are dividends? Assessments? What is meant by at par? Above par? Below par? 316. What is a Tax? 317. What is a property tax? What is an income tax? What is a poll tax? 318. What is real estate? 319. What is personal estate ? 320. What is an inventory? 321. What are assessors? Explain Ex. 146. How is the rate of taxation found? How is each individual's tax found? 324. Explain how the labor is lessened by using a table. INTEREST. 326. Interest is money paid for the use of money. 327. The Principal is the sum for whose use interest is paid. 328. The Amount is the sum of the principal and interest. 329. The Rate is the number of hundredths of the principal paid for its use for a year, or other specified time. NOTE. When no time is specified a year is meant. 330. An example in interest is only a question in percentage. The principal is the base of percentage (Art. 293). The interest is the percentage (Art. 292). The interest on $1 for the specified time is the rate (Art. 294). 331. The rate is usually fixed by law, and then is called the legal rate. NOTE 1. When no rate is mentioned 6% is understood. NOTE 2. For the legal rates in the various States, see Appendix, Page 349. 332. Oral Exercises. 1. What is the interest of $50 at 6 % for 1 year? for 2 years and 6 months? = Solution. At 6% the interest of $1 for 1 year is 6 cents; the interest of $50 is 50 times 6 cents 300 cents, or $3, 1st Ans. For 1 year at 6% the interest of $50 is $3; for 2 years and 6 months, or 2 years, it must be 21 times $3, or $7.50, 2d Ans. 2. What is the interest of $50 for 1 year at 7% at 8 % ? at 10% ? 3. What is the interest of $75 for 2 years at 10%? at 5% ? 4. What is the interest of $500 for 1 year at 5% at 6% ? at 7% ? 5. What is the interest of $1000 for 1 year at 6 %? at 8% ? at 9% at 10% ? 6. What is the interest of $1 at 6% for 1 month? for 2 months? 3 months? 6 months? 9 months? 7. What is the interest of $1 at 6 % for 6 days? for 1 day? for 12 days for 18 days? Solution. As the interest of $1 for 1 year, or 12 months, is 6 cents, for 1 month the interest is of 6 cents, that is, is 5 mills; and the interest for 6 days is, or of 5 mills, that is, is 1 mill; and therefore for one day the interest of $1 is of a mill; for 12 days, 2 mills; and for 18 days, 3 mills. 8. What is the amount of $100 for 1 year at 6 % ? at 8% ? at 10% ? 9. What is the amount of $200 for 2 years and 6 months at 6% at 10% ? 10. What is the amount of $500 for 2 years at 8 % ? 11. What is the amount of $1000 for 3 years, 6 months at 5 %? 333. Written Exercises. 12. What is the interest of $825 for 3 years and 4 months at 8% ? OPERATION. $825 0.08 $66.00 31 198 22 $220, Ans. The interest of $1 for 1 year at 8 % is $0.08; and the interest of $825 for 1 year at 8% is 825 times $0.08 = $ 825 X 0.08, or $66. For 3 years and 4 months, or 3 years, it must be 3 times $66, or $220, Ans. Hence, 334. To find the interest on any sum for any given time, Rule. Multiply the principal by the rate, and this product by the time expressed in years. To find the amount, Add the interest to the principal. 335. If i represents the interest, p the principal, t the time in years, and r the rate (in hundredths), then i=pxrxt. If a represents the amount, then a=p+pxrxt=p (1 + rxt). 336. In computing interest it is the custom to reckon 30 days a month, and 12 months, or 360 days, a year. 13. What is the interest of $7845 for 2 yr. 8 m. at 8% ? 14. What is the interest of $1617.43 for 4 yr. 2 m. at 7 % ? 15. What is the interest of $847.53 for 5 yr. 3 m. at 6 % ? 16. What is the amount of $ 63.54 for 3 yr. 2 m. at 6 % ? To find the interest on any sum of money, at 6 %, for any given time. 337. At 6%, any sum of money in 2 months, or of a year, will gain 1%, or 0.01 of itself; and in that is, of 60 days, or 6 days, it will gain 0.001 of itself. of 2 months, of 1%, or 17. Find the interest of $ 456 for 3 months and 6 days. |
