For example, in English Money, £1 : $1 :: 240 : 54, and 9 Ex. 1. Reduce $32,789 to English or Sterling Money. § 149. Hence, to pass from Federal Money to pounds shillings and pence, we have the following RULE. I. Find the value of a dollar in the fraction of a pound. II. Multiply the given sum by this fraction. III. Reduce the product to pounds shillings and pence. NOTE. The multiplier in each case, in passing from Federal Money to pounds shillings and pence, will be the fraction used in the corresponding case in passing to Federal Money, with its terms inverted. Q. How do you pass from Federal Money to either of the curren cies? How does this multiplier compare with the multiplier used in passing from pounds to Federal money? 2. Reduce $250 to the several currencies. $250=£56 5s $250 £62 10s $250-£75 Ans. $250-£100 $250 £93 15s Sterling Money. New England Currency. $250 £58 6s 7d.+ Georgia Currency. The following are the rates at which foreign coins are estimated at the custom-houses of the United States. English by act of Congress of 1832 $4,80 § 150. Practice is a short method of finding the answers to questions in the Rule of Three, when the first term is unity. For example, if one yard of cloth cost half a dollar, what will 60 yards cost. This is a question which may be answered by the rule called Practice. If the cloth had been $1 per yard, the cost of 60 yards would have been $60; but since it is only a part of a dollar per yard, the whole cost will be the same part of $60, that the cost of one yard is of $1; that is, of 60. Hence the cost is of $60 or $30. Ans. $30. § 151. One number is said to be an aliquot part of another, when it forms an exact part of it: that is, when it is contained in that other an exact number of times. Hence, an aliquot part is an exact or even part. For example, 25 cents is an aliquot part of a dollar. It is an exact fourth part, and is contained in the dollar four times. So also, 2 months, 3 months, 4 months, and 6 months, are all aliquot parts of a year. TABLE OF ALIQUOT PARTS. Q. What is practice? If one yard of cloth cost $8, what will half a yard cost? What will one quarter of a yard cost? When is one number said to be an aliquot part of another? What is an aliquot part? What are the aliquot parts of a dollar expressed in the table? What the aliquot parts of a year? What the aliquot parts of a month? What the aliquot parts of a pound? What the aliquot parts of a shilling? EXAMPLES. 1. What is the cost of 376 yards of cloth at $0,75, or of a dollar, per yard? Had the cloth cost $1 per yard, the cost of the 376 yards would have been $376. Had it cost 50cts. per yard, the cost would have been of $376, or $188: had it of cost would have been been 25cts. per yard, the $376 or $94; but the price being 75cts. per yard, the cost is 188+94 $282. 2. What is the cost of 196 yards of cotton, at 9d per yard? 196yd. at 6d or s=98s 196yd. at 3d or 1s=49s Therefore, 196yd. at 9d or 3s=147s=£77s. Ans. 3. What will 9 yards of cloth cost at £1 4s 6d per yard? Total cost £11 12s 9d. 4. What is the cost of 1000 quills at cent per quill? Ans. $2,50cts. 5. What is the cost of 900 lead pencils at 6 cents Ans. $54,00. apiece? 6. What is the cost of 2016. of soap at 63cts. per pound? Ans. $1,35. 7. What is the cost of 140 yards of tape at 24cts. per yard? Ans. $3,15. 8. What is the cost of 438 bushels of apples at 314cts. per bushel? Ans. $136,87 9. What is the cost of 511⁄2 tons of hay at $12 per ton Ans. $618. 10. What is the cost of 231 yards of linen at 75cts. per yard? Ans. $173,25. 11. What is the cost of 1447b. of rice at 3d per pound? 12. What is the cost of 141 yards of yard? Ans. £2 2s. cloth, at $4 per Ans. $67,68 Ans. £9. 13. What will 1317b. of cheese come to at 1s 2d per pound? Ans. £7 12s 10d. 14. What will 144 dozen of eggs come to at 1s 3d per dozen ? 15. What will 6gal. 1qt. 1pt. 2gi. of wine come to at 5s 4d per quart? Ans. £6 17s 4d. 16. What will 51 acres of land be worth at £3 2s 2d Ans. £158 10s 6d. per acre? Ans £87 13s. 17. What will 15cwt. 2qr. 17lb. of sugar come to at Is per pound? 18. What will 4E. E. 3qr. 2na. of broadcloth cost at £2 3s 8d per yard? Ans. £12 16s 61d. 19. What will 1hhd. 2gal. 3qt. 1pt. 1gi. of molasses come to at 121⁄2cts. per quart? Ans. $ 20. What will be the cost of 27bu. 3pk. 6qt. 1pt. of wheat at 10s 2d 3far. per bushel ? Ans. £14 5s 11d 083 far. SIMPLE INTEREST. § 152. Interest is an allowance made for the use of money that is borrowed. For example, if I borrow $100 of Mr. Wilson, for one year, and agree to pay him $6 for the use of it, the $6 is called the interest of $100 for one year, and at the end of the time Mr. Wilson should receive back his $100 together with the $6 interest, making the sum of $106. The money on which interest is paid, is called the Principal. The money paid for the use of the principal is called the Interest. The principal and interest taken together are called the Amount. In the above example, $100 is the principal, $ 6 is the interest, and $106 is the amount. The interest of $100 for one year, determines the rate of interest, or rate per cent. The term per cent, means by the hundred. In the example above the rate of interest is 6 per cent, or $6 for the hundred. Had $8 been paid for the use of the $100, the rate of interest would have been 8 per cent; or had $3 only been paid, the rate of interest would have been 3 per cent. The legal interest is the interest established by law. In the New England States, and indeed in most of the other states, the legal interest is 6 per cent per annum, that is, 6 per cent by the year. In New York, however, it is 7 and in Louisiana 8 per t. |