CHAPTER VII. PER CENTAGE. INSURANCE against fire or other injury, INTEREST for the use of money, &c., are generally estimated at a certain number of hundredths, called the rate per cent. (from the Latin per centum, signifying by the hundred.) Thus, 1 per cent. is.01; 6 per cent. is .06; 5 per cent. is .051⁄2 or .055; 74 per cent. is.074 or 0725; and so on. EXAMPLE FOR THE BOARD. A merchant insured his warehouse for $11390.75, paying a premium of 2 per cent. for the insurance. How much did he pay? 11390.75 Multiplying by the rate per cent., we find that .02 he must pay $227.815. 227.8150 1. What must I pay to insure a house worth $2250.00, at a premium of .015? 2. What is 2 per cent. of $169.00? 3. What is 3 per cent. of $2081.50? 4. What is 5 per cent. of $1873.46 ? 5. What is 7 per cent. of $4009.81 ? 6. A railroad corporation declared a dividend of 6 per cent. on its stock. What was the dividend on $7630.00. 7. What is 9 per cent. of $641.00? If then, a merchant buys flour for $641.00, for how much must he sell it, to gain 9 per cent.? 8. If I buy 11 tons of hay for $127.00, for how much must I sell the whole, to gain 15 per cent.? How much per ton? 9. A butcher bought 28 beeves for $829.00. At how much must he sell them apiece, to gain 18 per cent.? 10. A man invested $1491.87, which was all his property, in a partnership, and he gained 21 per cent. the first year. What was he worth at the end of the year? 11. What is 1 per cent. of $2981.00? per cent. ? 11⁄2 per cent? 12. What is 5 per cent. of $1430.00? 13. What is per cent. of $963.00? 14 per cent.? 14. What is 3 per cent. of $4221.00? 15. What is per cent. of $8772.00? 16. What is 64 per cent. of $2180.00? 17. A bankrupt was able to pay only 72 per cent. of what he owed. How much would he pay on a debt of $1628.25? INTEREST. INTEREST, is an allowance of a certain per cent. for the use of borrowed money. The Principal, is the amount on which interest is paid. The Rate, is the per centage agreed upon for one year's interest. The Amount is the sum of principal and interest. 1. What is the interest of $28.00 for 1 year, at 6 per cent.? In other words, what is 6 per cent. of $28.00? 2. What is the interest of $75.00 for 1 year, at 5 per cent.? What for 2 years? 3 years? 4 years? 3. What is the interest of $127.00 for 2 years, at 6 per cent.? What is the amount? 4. What is the interest of $229.50 for 4 years, at 7 per cent? What is the amount? 5. What is the interest of $1291.00 for 8 years, at 5 per cent? What is the amount? EXAMPLE FOR THE BOARD. When the rate is 6 per cent. for 1 year, what will be the rate for 3 years 6 months and 13 days? Then what is the interest of $287.00 for 3yr. 6mo. 13dy. at 6 pr. ct.? 310) 1.3.00 days. 12) 6.433 mo. 3.536 years. .06 21216 rate. 1.48512 16.9728 42.432 60.88992 We first reduce the months and days to the decimal of a year. This is done by annexing decimal Os to the days, and dividing by 30. We thus obtain .433mo. for the value of 13dy., or 6.433mo. for 6mo. 13dy. Dividing the months by 12, we obtain .536yr., equal to 6mo. 13dy., or 3.536 years, equal to 3yr. 6mo. 13dy. Then, if the rate for lyr. is .06, the rate for 3.536 years will be .21216. Multiplying $287.00 by this rate, we obtain $60.889 for the interest required. 6. When interest is 6 per cent. a year, what will be the rate for 2yr. 6mo.? What is the interest of $72.00 for 2yr. 6mo., at 6 per cent.? 7. When interest is 5 per cent. a year, what is the rate for 3yr. 4mo. 12dy.? What is the interest of $250.00 for 3yr. 4mo. 12dy., at 5 per cent.? 8. What is the interest of $63.00 for 4yr. Smo. 6dy., at 7 per cent.? What is the amount? 9. What is the interest of $121.00 for 4yr. 2mo., at 5 per cent.? What is the amount? 10. What is the interest of $47.50 for 5yr. 24dy., at 5 per cent.? What is the amount? 11. What is the interest of $175.00 for 5yr. 9mo., at 6 per cent.? What is the amount? 12. What is the interest of $875.00 for 7yr. 6mo. 18dy., at 6 per cent.? What is the amount? 13. What is the interest of $1100.00 for 3yг. Это. 9dy., at 7 per cent.? What is the amount? 14. What is the interest of $125.00 for 6mo. 9dy., at 8 per cent.? What is the amount? 15. What is the interest of $999.00 for 10mo. 27dy., at 6 per cent.? What is the amount? 16. What is the interest of $25.00 for 11mo. 18dy., at 6 per cent.? What is the amount? 17. What is the amount of $375.00 for 9yr. 6mo., at 6 per cent.? 18. What is the amount of $625.00 for Syr. 9mo., at 7 per cent.? 19. What is the amount of $1456.00 for 19dy., at 6 per cent.? 20. What is the amount of $799.00 for 24dy., at 9 per cent? EXAMPLE FOR THE BOARD. Find the interest of $4632.25, for 3yr. 7mo. 21dy., at 6 per be of .01 or .005; for as of a month, or 6 days, it would be .001, and generally many thousandths as are equivalent to the number of days. Hence the following rule to find the rate for any given time at .06 per annum. Call the years and months reduced to months, so many hundredths, and call the days so many thousandths. Divide the hundredths by 2, and the thousandths by 6, and the sum of the two quotients will be the rate required. 21. What is the interest of $2984.00 for 2yr. 8mo. 27dy., at 6 per cent.? 22. What is the interest of $1449.00 for 3yr. 7mo. 21dy., at 6 per cent.? 23. What is the interest of $9999.00 for 5yr. 11mo. 3dy., at 6 per cent.? 24. What is the interest of $5000.00 for 7yr. 10mo. 6dy., at 6 per cent.? EXAMPLE FOR THE BOARD. When the rate is 6 per cent. for 1 year, what will be the rate for 3 years 6 months and 13 days? Then what is the interest of $287.00 for 3yr. 310) 1.3.00 days. 12) 6.433 mo. 3.536 years. .06 21216 rate. 1.48512 16.9728 42.432 60.88992 6mo. 13dy. at 6 pr. ct.? We first reduce the months and days to the decimal of a year. This is done by annexing decimal Os to the days, and dividing by 30. We thus obtain .433mo. for the value of 13dy., or 6.433mo. for 6mo. 13dy. Dividing the months by 12, we obtain .536yr., equal to 6mo. 13dy., or 3.536 years, equal to 3yr. 6mo. 13dy. Then, if the rate for lyr. is .06, the rate for 3.536 years will be .21216. Multiplying $287.00 by this rate, we obtain $60.889 for the interest required. 6. When interest is 6 per cent. a year, what will be the rate for 2yr. 6mo.? What is the interest of $72.00 for 2yr. 6mo., at 6 per cent.? 7. When interest is 5 per cent. a year, what is the rate for 3yr. 4mo. 12dy.? What is the interest of $250.00 for 3yr. 4mo. 12dy., at 5 per cent.? 8. What is the interest of $63.00 for 4yr. 8mo. 6dy., at 7 per cent.? What is the amount? 9. What is the interest of $121.00 for 4yr. 2mo., at 5 per cent.? What is the amount? 10. What is the interest of $47.50 for 5yr. 24dy., at 5 per cent.? What is the amount? 11. What is the interest of $175.00 for 5yr. 9mo., at 6 per cent.? What is the amount? 12. What is the interest of $875.00 for 7yr. 6mo. 18dy., at 6 per cent.? What is the amount? 13. What is the interest of $1100.00 for 3yr. Это. 9dy., at 7 per cent.? What is the amount? 14. What is the interest of $125.00 for 6mo. 9dy., at 8 per cent.? What is the amount? |