12. A factor received $4000 to invest in shoes after deduct ing his commission at 2%; what sum was invested? 13. An agent bought 75 horses on a commission of 11% : the transportation cost $250; the entire cost was $20,500; what did the agent pay a head for the horses? 14. An agent received a certain sum of money to invest in goods after deducting his commission of 3% he invested $6250; what sum did he receive? 15. I directed my agent in New Orleans to sell my cattle, for which he subsequently received $4800, and to purchase sugar at 5 cents a pound with the proceeds, after deducting his commission of 2% for buying and selling; how many pounds did he buy? 16. What are the net proceeds from the sale of 425 tons of coal at $4.50 a ton, the commission being 24%, and other charges $148.75? 17. A commission merchant received $56.24 for selling flour at 2% commission; what was the amount of the sale? 18. An agent sold $450 worth of goods on a commission of 13% he invested the net proceeds in flour, charging the same commission for buying; what sum was invested in flour? 19. My agent sold 40 horses at $125 a head on 11% commission, and 60 cows at $25 a head on 14% commission: other charges amounted to $105.16; how much was due me? 20. I sold goods on a commission of 3% through an agent who charged me 14% my commission after paying my agent was $140; required my entire commission, the agent's commission, and the money paid to my employer. 21. My agent sells 300 barrels of flour at $4.50 a barrel. His charges are as follows: commission 2%, guaranteeing payment 11%, and freight $125; how much is due me? 22. An agent sells goods at 21% commission: after deducting his commission he remits to his employer $3763.50; what is his commission? 23. An agent sold 400 barrels of apples at $4.75 a barrel, charging 2% commission: he invested the proceeds in wheat at 60 cents a bushel, charging 3% commission for buying; how many bushels of wheat did he buy? 24. My agent in Boston sold a shipment of flour, for which he charged me 5% commission: I instructed him to invest the proceeds in shoes, for which I paid him a commission of 21%; what did he receive for the flour if he invested $1900 in shoes? 25. I collect a bill of $360, and return my employer $351; what per cent. do I charge for collecting? 160. Taxes. A Tax is a sum of money assessed upon the person, property, or income of an individual for public purposes. When the tax is assessed upon the person it is called Polltax, when on property it is called Property Tax, and when on the income it is called Income Tax. 161. Property is of two kinds-Real Estate, or immovable property, as lands, houses, etc.; and Personal Property, or movable property, as money, furniture, stocks, etc. 162. The person elected or appointed to estimate the value of the property to be taxed is the Assessor. 163. The Rate of Taxation is a certain percentage of the taxable property. WRITTEN EXERCISES. 1. A tax of $7800 is to be raised in a town in which the taxable property is $1,600,000: there are 500 persons who pay a poll-tax of $2 each; what is the rate of taxation? What is A's tax, whose property is valued at $3000, and who pays 1 poll-tax? PROCESS. $2 $1000, Poll tax. $7800 1,600,000) $6800.000 (.0041, Rate. 6400000 400000 1600000 $3000 .0041 $12.750 2.000 $14.750, A's tax. The poll tax equals 500 times $2, which is $1000. The amount of tax to be raised on the property is $7800 minus $1000, or $6800. Dividing $6800 by the value of the property, $1,600,000, we find the rate of taxation, .0041. A's tax is $3000 multiplied by .0041, or $12.75. $12.75 plus his poll tax, $2, makes his entire tax $14.75. From this example it is evident that the rate of taxation may be found by deducting the poll tax, if any, from the entire tax to be raised, and dividing the remainder by the value of the taxable property. To find the tax of an individual, multiply his taxable property by the rate of taxation and add to the product his poll tax. 2. What is the rate of taxation in a town in which the property is valued at $860,000, and the tax to be raised is $2150? 3. A school district whose taxable property is $540,000 wishes to raise a tax of $810; what is the rate of taxation? 4. In a town whose taxable property is valued at $5,463,000 a tax of $9560.25 is raised; what is the rate of taxation? 5. A tax of $3240 is raised in a town whose taxable property is valued at $440,500; what is the rate of taxation, if there are 398 polls, each paying $1.50? 6. My property is valued at $5600, and I pay a poll tax of $2; what is my entire tax, at the rate of .24%? 7. B's real estate is valued at $10,400, and his personal property at $5280; what is his tax, at the rate of $12.50 on 8. What amount of tax must be assessed in order that $6382.60 may remain after paying 3% commission for collecting? 9. A tax-collector's commission at 2% was $182.50; what amount of tax was assessed, and what were the proceeds? 10. A city whose property is valued at $14,000,000 wishes to assess a tax which will yield $40,950 after paying 24% commission for collecting; what is the rate of taxation? 11. After deducting his commission of 4% a collector paid to the city authorities $48,206.40; what was the amount of his commission? 12. My property, which cost me $7800, is taxed at of its value; what is the rate of taxation, if my tax is $15.60? 13. A city assesses a school tax of $63,000, and pays 2% commission for all taxes actually collected; what amount will be received by the city, if only 90% of the tax can be collected? 14. The taxable property of a city, valued at $4,100,625, is assessed at of its value: the amount needed for school purposes is $32,075.30; the State appropriation amounts to $2151.37; the balance in the treasury is $17,064.37; what is the rate of taxation, if 2% commission is paid for collecting? 15. B's tax, at the rate of 3 mills on a dollar, is $20.30; what is the value of his property, if it is taxed at only of its value? 164. Insurance. Insurance is security against loss by fire, water, storm, accident, death, or other causes. 165. The Policy is the written agreement between the insurance company and the person insured. 166. The Premium is the sum paid for insurance. It is usually estimated as a certain per cent. of the amount insured. WRITTEN EXERCISES. 1. My house is insured for $4000 at 14%; what is the premium? PROCESS. $4000 .01 $50.00, Ans. The premium on $4000, at 14%, is .01 times $4000, which is $50. 2. For what sum must A insure his house, worth $7020, at 21%, so as to include the premium in case of loss? .975)$7020 PROCESS. 6825 1950 1950 Since the premium is estimated on the amount insured, the cost of the house must be (100% 21%) 97% of the amount insured. Hence the amount insured is $7020 divided by .975, which is $7200. 3. What is the premium on $2400 at %? At 18% ? 4. What is the premium on $5400 at 1%? At 11% ? At 2%? At 1%? At 24% ? 5. Mr. Long insured his house for $6500 at 1%; what was the premium? 6. B insured his house for $7500, and the contents for $1500, at 2%; what was the premium? 7. Mr. Brown paid $84 for insuring his house for $5600; what was the rate of insurance? 8. C paid $47.75 to insure his house at 11%; what sum was named in the policy? 9. The premium for insuring a house at of its value at 11% is $120; what is the value of the house? 10. B's house, worth $10,000, is insured for of its value; what is the rate of premium, if he pays $96 insurance? 11. For what sum must a barn worth $2500 be insured, at 2%, so that the owner in case of loss may receive both the premium and the value of the barn? |