last rule, it is ¹⁵⁸⁶⁰⁰/₂₉₁₆, or 54¹¹³⁶/₂₉₁₆, or £54. 7. 9½ per cent, very nearly. The more expeditious way of doing this is to reduce the shillings, &c. to decimals of a pound. Three decimal places will give the rate per cent to the nearest shilling, which is near enough for all practical purposes. For instance, in the last example, which is to find how much £6·608 is of £12·15, 6·608 × 100 is 660·8, which divided by 12·15 gives £54·38, or £54. 7. Greater correctness may be had, if necessary, as in the Appendix.
EXERCISES.
How much per cent is 198¼ out of 233 parts?—Ans. £85. 1. 8¾.
Goods which are bought for £193. 12, are sold for £216. 13. 4; how much per cent has been gained by them?
Answer, A little less than £11. 18. 6.
A sells goods for B to the amount of £230. 12, and is allowed a commission16 of 3 per cent; what does that amount to?
Answer, £6 . 18. 4¼ ⁷/₂₅.
A stockbroker buys £1700 stock, brokerage being at £⅛ per cent; what does he receive?—Answer, £2. 2. 6.
A ship whose value is £15,423 is insured at 19⅔ per cent; what does the insurance amount to?—Answer, £3033. 3. 9½ ²/₅.
- In reckoning how much a bankrupt is able to pay his creditors, as also to how much a tax or rate amounts, it is usual to find how many shillings in the pound is paid. Thus, if a person who owes £100 can only pay £50, he is said to pay 10s. in the pound. The rule is easily derived from the same reasoning as in 246. For example, £50 out of £82 is
| £ | 50 | out of £1, or | 50 × 20 | shillings, |
|---|---|---|---|---|
| 82 | 82 |
or 12s. 2½ ¹⁵/₄₁ in the pound.
- Interest is money paid for the use of other money, and is always a per-centage upon the sum lent. It may be paid either yearly, half-yearly, or quarterly; but when it is said that £100 is lent at 4 per cent, it must be understood to mean 4 per cent per annum; that is, that 4 pounds are paid every year for the use of £100.
The sum lent is called the principal, and the interest upon it is of two kinds. If the borrower pay