A Manual for Teachers; Including Definitions, Principles, and Rules and Solutions of the More Difficult Problems

A Manual for Teachers; Including Definitions, Principles, and Rules and Solutions of the More Difficult Problems

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 edition. Excerpt: ...their study. A sight draft being payable on presentation (except in those states allowing days of grace), there is no need of formal acceptance. Acceptance is necessary in the case of time drafts, as they are not payable until the specified time after this acceptance. The acceptance of a draft makes the person or corporation accepting it liable to its owner for the amount, a draft being transferable by endorsement just as a check or a note. 997. In calculating the cost of a sight draft, days of grace--even when allowed--do not enter into the result, this being included in the rate charged. Time drafts are allowed days of grace, except in the states given in the Appendix, Art. 1305. The number of states in which days of grace are no longer allowed, increases yearly, there being no good reason for promising to pay in 60 da. when the intention of the signer is to take 63 da. 1000. 1. Although days of grace are not allowed in California, the pupils of other states should not be expected to know this. In states that grant days of grace, they should be allowed in every note or time draft, no matter where payable; while in the other states, pupils should be taught not to employ them in any case. The premium on the draft = $1.75 X.840= $1.47. The interest (with days of grace) = $840 X Tf X $& = $13.02. The cost of the draft = $840+ $1.47-$13.02 = $828.45. Ans. Or, without days of grace: $840 X T-Sfr X-$& = $12.60, the cost being $840 + $1.47-$12.60 = $828.87. Ans. Some teachers prefer to find the cost of a draft for $ 1 at the given premium--in this case, $ 1.00175; from which is deducted the interest on $1 for 93 da., or $.0155; making the cost of a 90-day draft for $1, $ 1.00175-$.0155 =$.98625. Multiplying this by 840 gives $825.45, ...show more

Product details

  • Paperback | 66 pages
  • 189 x 246 x 4mm | 136g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236859138
  • 9781236859136