2. A bought a loan of 30 shares, new series, in an association at $75 premium, net plan; if the series matures in 9 yr., what is the actual cost of his loan? 3. B bought a loan of 20 shares, new series, in an association on the installment plan at 50 cents a month premium; if the series matures in 9 yr., what is the actual cost of the loan? 4. M bought a loan of 30 shares, new series, in an association at $75 premium, net plan; if the series matures in 8 years, what is the actual cost of his loan? CASE V. 306. To find the rate of interest received by a nonborrower. 1. D owns 8 shares in an association, dues $1 a share; if the series matures in 8 yr. 6 mo., what rate of interest does he receive? PROCESS. 8 yr. 6 mo. = $200 - $102 102 × 103 24 = $98 $4.373 102 mo. = $4.37, Int. 1%. = 22.38+ 22.38%, Ans. The sum of the payments on 1 share for 8 yr. 6 mo. is $102; hence the gain is $200 - $102, or $98. The interest on $1 a month for 102 months at 1% is $4.37. The rate is therefore $98 divided by $4.37, or 22.38+ %. 2. What is the gain % on the stock of an association which matures in 10 yr.? 3. What is the gain % on the stock of an association which matures in 12 yr.? 4. By the annual report of the West End Building Association, made at the end of the 7th year, the present value of the first series is $160.40; what was the rate of gain at that time? 5. N owns 10 shares of stock in a building association which 'matures in 8 yr. 8 mo.; what rate of interest does he receive on his investment? CASE VI. 307. To find the interest paid by a borrower. 1. A buys a loan of 10 shares, 60 cents premium a month, on the installment plan; what rate of interest will he pay if the series matures in 81 yr.? $260+ $65.65 $260, Amount of payments on 1 share. = $325.65, Actual cost of 1 share. $325.65 $200 = $125.65, Int. on 1 share for 83 yr. $15.07, Average int. for 1 yr. $15.07 $200 = .075+, or 7%, Rate of interest. 2. B buys a loan of $3000 at 55 cts. premium a month on the installment plan; what are his monthly payments, and what average rate will he pay if the series matures in 9 yr. 2 mo.? 3. D buys a loan of 10 shares on the gross plan at $60 premium, new series; what rate of interest does he pay if the series matures in 81 yr.? 4. E buys a loan of 12 shares, net plan, at the beginning of a series, at $50 premium per share; what rate of interest does pay if the loan matures in 10 years? he 5. F buys a loan of 20 shares in an association, at 65 cts. a month premium, at the beginning of the 4th year; what rate of interest does he pay if the series matures in 9 yr.? THE METRIC SYSTEM OF WEIGHTS AND MEASURES. 308. THE Metric System of weights and measures originated in France in 1795, and was adopted by the leading countries of Europe and South America, in many of which it was made compulsory. In 1864, Great Britain by act of Parliament permitted its use throughout the empire, and similar action was taken by the United States Congress in 1866. Although the system is very simple, it has not been generally adopted in this country, its use being confined principally to the sciences and to the operations of the Coast Survey depart ment. 309. The Metric System is based upon the decimal system of notation. The lower denominations are expressed by writing before the name of the unit Milli-, to denote one-thousandth of the unit. The higher denominations are expressed by writing before the names of the unit Deca-, to denote ten times the unit. Hecto-, to denote one hundred times the unit. The denominations printed in bold type in each table are in most frequent use. 310. Measures of Length. The Meter is the unit of length. NOTE. The meter was intended to be, and is very nearly, the tenmillionth part of the distance from the Equator to the North Pole, as ascertained by actual measurement of the arc of a meridian. Cloth, etc. are measured by the meter, long distances by the kilometer, and very small distances by the millimeter. How many ORAL EXERCISES. 1. Meters in a kilometer? Hectometer? Myriameter? 2. Millimeters in a meter? Decameter? 3. Centimeters in a meter? Decimeter? Hectometer? Kilometer? 4. Decimeters in a meter? Decameter? Hectometer? 5. What is measured by the meter? Kilometer? Millimeter? Approximately 6. How many inches in a meter? 7: What part of a mile is a kilometer? The square decameter is called an are (a.). q. Mm. Surfaces of ordinary objects are measured by the square meter, land as in farms is measured by the are and hectare, while larger areas are measured by the square kilometer. How many ORAL EXERCISES. 1. Square meters in a square hectometer? |