25. What is the amount of $ 83.33, from March 11, 1831, to Jan. 1, 1833, at 74 per cent. ? Ans. $ 94.61,4. 26. What is the amount of $100.25, from March 2, 1831, to June 1, 1831, at 4 per cent. ? Ans. $101.24,1. 27. What is the amount of $ 369.29, from April 30, 1830, to July 31, 1832, at 9 per cent. ? Ans. $ 444.16,3. 28. What is the interest of $ 769.87, from Jan. 1, 1830, to June 17, 1835, at 91 per cent. ? Ans. $ 399.41,2. 29. What is the interest of $ 69.75, from Jan. 11, 1833, to June 29, 1833, at 174 per cent. ? Ans. $ 5.69,6. 30. What is the interest of $ 368.18, from April 2, 1816, to June 19, 1835, at 2 per cent. ? Ans. $141.48,3. 31. What is the interest of $16.16, from March 3, 1831, to Dec. 6, 1833, at 1 per cent. ? Ans. $ 0.44,5.. 32. What is the interest of $1728.19, from May 7, 1824, to July 17, 1830, at I per cent. ? . Ans. $ 26.76,2. 33. What is the interest of $ 397.16, from Dec. 29, 1831, to June 30, 1833, at 5.4 per cent. ? Ans. $ 32.82,6. 34. What is the amount of $1760.07, from Feb. 17, 1831, to Dec. 19, 1832, at } per cent. ? Ans. $1776.25,2. 35. G. K. M., of Bradford, has sent shoes at several times to Spofford & Tileston, New York, as follows: January 16, 1834, were sent shoes to the value of $ 865.00 Feb. 17, 1834, 386.27 March 29, 1834, 66 769.25 May 25, 1834, 66 183.75 June 19, 1834, 66 396.81 The above were sold on six months' credit. G. K. M. has received of Spofford & Tileston as follows:- Sept. 1, 1834, $1000; Oct. 19, 1834, $ 375.25 ; Nov. 15, 1834, $ 681.29; Dec. 8, 1834, $100 ; March 12, 1835, $ 275.28. Required the balance at the time of settlement, Sept. 9, 1835.' Ans. Spofford & Tileston owe to G. K. M. $195.51+. CASE V. To find the interest for any sum for days. Rule.* - If the rate per cent.be .06, multiply the principal by the number of days, and divide by 6083}, and the quotient is the interest ; but if the rate per cent. be .05, divide by 7300. * This rule is but an abridgment of the obvious method for obtaining the interest for any number of days, which is, first to find it for one year, then divide by 365, which gives it for one day, and then multiply the EXAMPLES. 1. What is the interest of $1835 for 35 days? Ans. $10.55,7. - 2. What is the interest of $165.37 for 165 days? Ans. $ 4.48,5. - 3. What is the interest of $16.87 for 79 days, at 5 per cent. ? Ans. $ 0.18,2 4. What is the interest of $167 for 87 days, at 5 per cent. ? Ans. $1.99. 5. What is the interest of $ 761.81 for 165 days? Ans. $ 20.66,2. 6. What is the interest of $ 76.18,5 for 315 days, at 5 per cent. ? Ans. $ 3.28,7. 7. What is the interest of $178.69,7 for 271 days? Ans. $ 7.96. 8. What is the interest of $1728.79 for 318 days, at 5 per cent. ? Ans. $ 75.30,8. 9. What is the interest of $ 73 for 73 days, at 5 per cent. ? Ans. $ 0.73. 10. What is the interest of $96.10 for 54 days ? Ans. $ 0.85,3. 11. What is the interest of $144.50 for 144 days, at 5 per cent. ? Ans. $ 2.85. 12. What is the amount of $1728 for 200 days? Ans. $1784.81. result by the number of days. The full operation of finding the interest of any sum, say $1835 for 35 days, will be as follows: 1835 X .06 x 35 = 10.55,7+. 365 Now it is evident, that, instead of multiplying 1835 (the numerator) by .06, we may divide 365 (the denominator) by it, without affecting the result. But 365 = .06=6083+, so that we have only to multiply the principal by the number of days, and divide the product by 6083], when the rate is 6 per cent., and we have the interest required. For the same reason, we divide by 7300 when the rate is 5 per cent. In the same way a divisor may be found, answering to any given rate. All the foregoing rules are on the principle, that there are only 360 days in a year; yet they are adopted by all mercantile men, and also by banks. But if a note be written for 144 days, the holder of it can obtain interest for only one of a year by the law of Massachusetts. If a note be written for months, calendar months are understood, whether the months have 28 or 31 days. If a note be dated April 21st, for one month, it will be due May 21st but if it be dated Jan. 28th, 29th, 30th, or 31st, it being for one month. it will be due Feb. 28th, it being the last day of the month, unless i be leap year. Section XXXVIII. PARTIAL PAYMENTS. WHEN notes are paid within one year from the time they become due, it has been the usual custom to find the amount of the principal from the time it became due until the time of payment; and then to find the amount of each indorsement from the time it was paid until settlement, and to subtract their sum from the amount of the principal. EXAMPLES. (1.) $1728.00. Baltimore, January 1, 1833. For value received, I promise Riggs, Peabody, & Co. to pay them, or order, on demand, one thousand seven hundred and twenty-eight dollars, with interest. John Paywell, Jr. On this note are the following indorsements. March 1, 1833, received three hundred dollars. May 16, 1833, received one hundred and fifty dollars. Sept. 1, 1833, received two hundred and seventy dollars. December 11, 1833, received one hundred and thirty-five dollars. What was due at the time of payment, which was December 16, 1833 ? Ans. $ 948.03. OPERATION. Principal, - - - - $1728.00 Interest for 11 months and 15 days, - . 99.36 $1827.36 150.00 270.00 Interest for 3 months and 15 days, 4.72 Fourth payment, 135.00 Interest for 5 days, · .11 $ 879.33 Balance remaining due, Dec. 16, 1833, $948.03 (2.) $ 700.00. Concord, Feb. 4, 1834. For value received, we jointly and severally promise James Thomas to pay him, or order, on demand, seven hundred dol. lars, with interest. Sampson Phillips. Attest, Henry Dix. Richard Fletcher. On this note are the following payments. March 18, 1834, received one hundred and sixty dollars. June 24, 1834, received two hundred dollars. September 11, 1834, received one hundred and twenty dollars. October 5, 1834, received sixty dollars. What was due on this note Nov. 28, 1834 ? Ans. $180.43. (3.) $ 600.00. Portland, May 16, 1834. For value received, we, Luke A. Homer, as principal, and Daniel D. Snow and Ichabod Frost, as sureties, promise John Webster to pay him, or order, in one year, six hundred dollars, with interest after three months. Luke A. Homer. Daniel D. Snow. Attest, M. Peters. Ichabod Frost. On this note are the following indorsements. Sept. 18, 1834, received one hundred and thirty-six dollars. December 5, 1834, received one hundred and ninety-seven dollars. February 11, 1835, received two hundred dollars. April 19, 1835, received forty dollars. What was due August 1, 1835 ? Ans. $ 40.31,2. In the United States courts, and in most of the courts of the several States, the following rule is adopted for estimating interest on notes and bonds, when partial payments have been made. RULE. — Compute the interest on the principal sum, from the time when the interest commenced to the first time when a payment was made, which exceeds, either alone or in conjunction with the preceding payments, if any, the interest at that time due; add that interest to the principal, and from the sum subtract the payment made at that time, together with the preceding payments, if any, and the remainder forms a new principal; on which compute and subtract the interest, as upon the first principal, and proceed in the same manner to the time of judgment. The following example will illustrate the above rule. (4.) $165.18. Boston, June 17, 1827. For value received, I promise James E. Snow to pay him, or order, on demand, one hundred and sixty-five dollars and eighteen cents, with interest. James Y. Frye. Attest, John True. On this note are the following indorsements. December 7, 1827, received eighteen dollars and thirteen cents of the within note. October 19, 1828, received twenty-eight dollars and sixteen cents. September 25, 1829, received thirty-six dollars and twelve cents. July 10, 1830, received three dollars and eighteen cents. Jure 6, 1831, received thirty six dollars and twenty-eight cents. December 28, 1832, received thirty one dollars and seventeen cents. May 5, 1833, received three dollars and eighteen cents. September 1, 1833, received twenty-five dollars and eighteen cents. October 18, 1834, received ten dollars. How much remains due September 27, 1835 ? Ans. $15.41,7 METHOD OF OPERATION. Principal, carrying interest from June 17, 1827, $ 165.18,0 Interest from June 17, 1827, to Dec. 7, 1827, 5mo. 20 days, 4.68,0 Amount, 169.86.0 First payment, Dec. 7, 1827, . . . 18.13,0 Balance for new principal, 151,73,0 Interest from Dec. 7, 1827, to Oct. 19, 1828, 10mo. 12da., 7.88,9 Amount, 159.61,9 Second payment, Oct. 19, 1828, . . . 28.16,0 Balance for new principal, 131.45,9 Interest from Oct. 19, 1828, to Sept. 25, 1829, 11mo. 6da., 7.36,1 Amount, 138.82,0 Third payment, Sept. 25, 1829, - 36.12,0 Balance for new principal, 102.70,0 Interest from Sept. 25, 1829, to June 6, 1831, 20mo. 11da., 10.45,8 Amount, 113.15,8 Fourth pay't, July 10, 1830, a sum less than int’st, 3.18 Fifth pay't, June 6, 1831, a sum greater than int’st, 36.28 39.46,0 Balance for new principal, . 73.69,8 Interest from June 6, 1831, to Dec. 28, 1832, 18mo. 22da., 6.90,3 Sixth payment, Dec. 28, 1832, . . 80.60,1 . 31.17,0 Balance for new principal, . 49.43,1 Interest from Dec. 28, 1832, to May 5, 1833, 4mo. 7da., 1.04,6 Amount, 50,47,7 Seventh payment, May 5, 1833, • . - 3.18,0 Balance for new principal, 47.29,7 Interest from May 5, 1833, to Sept. 1, 1833, 3mo. 26da., 91,4 Amount, 48.21,1 Eighth payment, Sept. 1, 1833. . . Amount, 25.18,0 Balance for new principal, 23.03,1 Interest from Sept. 1, 1833, to Oct. 18, 1834, 13mo. 17da., 1.56,2 Amount, 24.59,3 . 251 |