The New Packard Commercial Arithmetic

The New Packard Commercial Arithmetic

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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. 1889 edition. Excerpt: ...true discount. For discount on bills, etc., when time does not enter as an element, see Art. 415. Ex. Mr. B owes me $212, payable one year from to-day without interest; what is the present worth of the debt, the current rate of interest being 6%? Analysis.--Since $1 in one year, at 6&, amounts to $1.06, it would require as many dollars to amount to $212, as $1.06 is contained times in $212, or $200. The true discount is $212-$200, or $12. 478. Rule.--I. To find the present worth, divide the face of the debt by the amount of $1 for the given time, at the given rate. II. To find the true discount, subtract the present worth from the face of the debt. EXAMPLES. 479. The current rate of interest being 6%, what is the present worth and true discount of 1. $1000, due 2 years hence? S. $600, due in 1 yr. 7 mo.? 2. $500, due in 2 yr. 4 mo.? 4. $800, due in 9 mo. 24 da.? 5. $325, due in 2 yr. 5 mo. 12 da.? 6. $175, due in 1 yr. imo. 16 da.? 7. $800, due in 5 yr. 8 mo. 22 da.? 8. $900, due in 6 yr. 8 mo. 14 da.? 4 9. Mr. C. desiring to pay a bill of $1728 4 months before it was due, was allowed a discount equivalent to the interest on the face of the bill for the unexpired time at 6% per annum (bank discount). How much greater was this discount than the true discount? 10. Goods to the amount of $3750 are sold on a credit of 4 months. For how much cash could the merchant afford to sell the same goods, money being worth 10% per annum? 11. If $10000 will be due me May 28, and $8000 May 16, what discount should I make on the two claims Apr. 1, money being worth 8%? REVIEW EXAMPLES. 480. 1. What is the interest of $375.60, for 1 yr. 10 mo. 16 da., at 6%? 2. What is the amount of $1765 for 7 mo. 20 da., at 1%? S. At what rate will $1234, in 2 yr. 2...show more

Product details

  • Paperback | 98 pages
  • 189 x 246 x 5mm | 191g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236760212
  • 9781236760210