14. At 6% find the interest for 1 yr. 8 mths. of 15. At 6% find the interest of $420 for of the result If any other than 6% is required, first get the interest at 6%, and then find such part of the result as the given per cent is of 6%. Thus, for 2% take of 6%; for 3% of 6%. For 4% deduct of the result at 6%. For 5% deduct at 6%. It may be easier to divide the given time, or the given principal. Thus, 2% for 9 months is the same as 6% for 3 months; 5% for 24 months is the same as 6% for 20 months. $10 at 3% is the same as $5 at 6%. 16. At 2% find the interest of $540 for 6 mths. 18 dys. 3 mths. 18 dys. 17. At 3% find 4 mths. 12 dys. 6 mths. 24 dys. 9 mths. 27 dys. 2 mths. 6 dys. 12 mths 18 dys. 1 mth. 12 dys. the interest of $1200 for 8 mths. 12 dys. 3 mths. 6 dys. 10 mths. 24 dys. 5 mths. 18 dys. CHAPTER LII. BANK discount is interest paid when the money is loaned. In some states three days (called days of grace) are added to the time named. In the following examples days of grace are not considered. The proceeds, or avails, is the amount received by the borrower. 1. What are the proceeds of a 3 months note for $200, discounted at a bank, at 6% ? 2. What is the bank discount on a note for $1000 due in 4 months, at 6%? 3. What is the bank discount on a note for $120 due in 60 days, at 8% ? 4. BOSTON, MASS., July 20, 1894. Four months after date I promise to pay James Smith, or order, $100. Value received. HENRY DAMON. What are the avails of this note if discounted on its date at a bank at 6% ? 5. What would be the discount if the above note was accepted at the bank Aug. 20, 1894? CHAPTER LIII. 1. What is the cost of insuring a house for $4000, at % premium ? The premium is the sum paid for insurance. The policy is the writing given by the insurer to the insured. 2. A stock of goods worth $3000 is insured for of its value at 1% premium. The owner pays $1 for the policy. How much does his insurance cost? How much will he receive if his goods are destroyed by fire? What will be the loss of the owner? What the loss of the insurance company? 3. A premium of $60 is charged for insuring at 2% a building for of its valuation. What is the estimated value of the building? 4. What is the premium at 4% for insuring $50 000 on a vessel and its cargo? 5. A man 28 years of age pays $19 annually for an insurance of $1000 on his life. If he should die when 38 years old, how much would the sum his family receives exceed the sum of his pay ments? CHAPTER LIV. 1. When the rate of taxation is 11%, what is the tax of Marcus Appleton upon real estate valued at $3000, and personal property valued at $2000 ? In all the examples given below, assign a poll tax of $2 for every person. 2. The rate of taxation is 18%. What is James Austin's tax upon an estate valued at $6000 ? What is Henry Martin's entire tax, his property being valued at $4000 ? 3. When Edward Manchester pays $28 taxes upon property valued at $2000, what is the rate of taxation? 4. A town's valuation is $2 000 000. The amount to be raised by taxation, including $1000 from polls, is $31 000. What is the tax rate upon property? What does Henry Smith pay upon property valued at $2500? Fred Ellis owns property valued at $8000. How much is he taxed? James Ellis owns no property. much is his tax? How |