Ninth payment, Balance for new principal, Amount brought forward, $24.59,3 Interest from Oct. 18, 1834, to Sept. 27, 1835, 11mo. 9da., Balance due at the time of payment, (5.) $769.87. 10.00,0 14.59,3 .82,4 $ 15.41,7 Salem, June 17, 1829. For value received, I promise L. Swan to pay him, or order, on demand, seven hundred and sixty-nine dollars and eightyseven cents, with interest. Samuel Q. Peters. Attest, Moses Haynes. On this note are the following payments. March 1, 1830, received seventy-five dollars and fifty cents. June 11, 1831, received one hundred and sixty-five dollars. September 15, 1831, received one hundred and sixty-one dollars. Jan. 21, 1832, received forty-seven dollars and twentyfive cents. March 5, 1833, received twelve dollars and seventeen cents. December 6, 1833, received ninety-eight dollars. July 7, 1834, received one hundred and sixty-nine dollars. What remains due Sept. 25, 1835 ? Ans. $226.29,7. (6.) $ 300.00. Haverhill, April 30, 1831. For value received, I promise Kimball & Hammond to pay them, or order, on demand, three hundred dollars, with inSimpson W. Leavet. terest. Attest, James Quintire. The following partial payments were made on this note. June 27, 1832, received one hundred and fifty dollars. December 9, 1832, received one hundred and fifty dollars. What was due, Oct. 9, 1833 ? (7.) $54.18. Ans. $26.73,5. New York, Feb. 11, 1832. For value received, I promise John Trow to pay him, or order, on demand, fifty-four dollars and eighteen cents, with interest. Luke M. Sampson. On this note are the following payments. July 11, 1833, received twelve dollars and twenty-five cents. August 15, 1834, received two dollars and ten cents. July 9, 1835, received three dollars and twelve cents. August 21, 1835, received thirty-seven dollars and eighteen cents What was due Dec. 17, 1835. Ans. $10.22,2. (8.) $1728.00. Boston, Jan. 7, 1831. For value received, we jointly and severally promise Jones, Oliver, & Co. to pay them, or order, on demand, one thousand seven hundred and twenty-eight dollars, with interest. Attest, Timothy True. John Bountiful. On this note are the following payments. February 9, 1832, received seven hundred and sixty dollars and twenty-eight cents and five mills. March 5, 1833, received sixty-eight dollars and fifty cents. December 28, 1833, received eight hundred and seventy-six dollars and twenty-eight cents. July 17, 1834, received sixty dollars. What was due at the time of payment, which was Oct. 1, 1834 ? Ans. $209.22,9. (9.) $500.00. Philadelphia, May 7, 1829. For value received, I promise John Jordan to pay him, or order, on demand, five hundred dollars, with interest. Thomas C. True. The following partial payments were indorsed on this note. June 29, 1830, received one hundred dollars. December 5, 1831, received one hundred dollars. March 12, 1832, received five dollars. July 4, 1833, received ninety-five dollars. December 1, 1834, received two hundred dollars. What was due Jan. 1, 1836 ? (10.) $89.75. Ans. $141.50,4. Newburyport, March 19, 1831. For value received, we jointly and severally promise John Frost to pay him, or order, on demand, eighty-nine dollars and seventy-five cents, with interest. Henry Augustus. Attest, James Snow. Marcus T. Cicero. On this note are the following indorsements. December 6, 1831, received twelve dollars and twelve cents. February 17, 1832, received twelve dollars and twelve cents. March 19, 1833, received three dollars and sixteen cents. December 28, 1834, received two dollars and eighteen cents. January 1, 1835, received twenty-five dollars and twenty-five cents. March 11, 1835, received thirty-one dollars and eighteen cents. July 17, 1835, received five dollars and eighteen cents. September 1, 1835, received six dollars and twenty-nine cents. What was due Dec. 29, 1835 ? (11.) $1000.00. Ans. $10.57. New York, January 1, 1840. For value received, I promise to pay James Johnson, or order, on demand, one thousand dollars, with interest at seven per cent. Samuel T. Fortune. Attest, Job Harris. On this note are the following indorsements. Sept. 28, 1840, received one hundred and forty-four dollars. March 1, 1841, received twenty dollars. July 17, 1841, received three hundred and sixty dollars. Aug. 9, 1841, received one hundred and ninety dollars. Sept. 25, 1842, received one hundred and seventy dollars. Dec. 11, 1843, received two hundred dollars. July 4, 1845, received seventy-five dollars. What was due June 1, 1847 ? Ans. $7.61. The following is the rule established by the Supreme Court of the State of Connecticut. RULE. Compute the interest to the time of the first payment; if that be one year or more from the time the interest commenced, add it to the principal, and deduct the payment from the sum total. If there be after payments made, compute the interest on the balance due to the next payment, and then deduct the payment as above; and in like manner from one payment to another, till all the payments are absorbed; provided the time between one payment and another be one year or more. But if any payments be made before one year's interest hath accrued, then compute the interest on the principal sum due on the obligation for one year, add it to the principal, and compute the interest on the sum paid from the time it was paid up to the end of the year; add it to the sum paid, and deduct that sum from the principal and interest added together.* If any payments be made of a less sum than the interest arisen at the time of such payment, no interest is to be computed, but only on the principal sum for any period. (12.) $900.00. New Haven, June 1, 1828. For value received, I promise J. D. to pay him, or order, nine hundred dollars, on demand, with interest. James L. Emerson. On this note are the following indorsements. June 16, 1829, received two hundred dollars of the within note. Aug. 1, 1830, received one hundred and sixty dollars. Nov. 16, 1830, received seventy-five dollars. Feb. 1, 1832, received two hundred and twenty dollars. What was due August 1, 1832 ? Ans. $417.82,2. OPERATION. Principal, $900.00 Interest from June 1, 1828, to June 16, 1829, 12 months, 56.25 956.25 200.00 756.25 Interest from June 16, 1829, to Aug. 1, 1830, 13 months, 51.04,6 807.29,6 * If the year extends beyond the time of payment, find the amount of the remaining principal to the time of payment; find also the amount of indorsement, or indorsements, and subtract their sum from the amount of the principal. Amount brought forward, $686.13,3 Am't of 3d pay't, from Nov. 16, 1830, to Aug. 1, 1831, 81⁄2mo., 78.18,7 Interest from Aug. 1, 1831, to Aug. 1, 1832, 12 months, 607.94,6 36.47,6 644.42,2 Am't of 4th pay't, from Feb. 1, 1832, to Aug. 1, 1832, 6mo., 226.60,0 Balance due August 1, 1832, $417.82,2 Method of computing annual interest in the State of Ver mont. When the contract is for the payment of interest annually, and no payments have been made, we adopt the following RULE. Find the interest of the principal for each year, separately, up to the time of payment; we must then find the simple interest of these interests, severally, from the time they become due up to the time of payment, and the sum of all the interests added to the principal will be the amount. Should payments have been made, we find the amount of the principal and from this we subtract the amount of the indorsement or indorsements to the end of the first year. We proceed in the same manner to the time of payment. But when the contract is for a sum payable at a specified time, with annual interest, and payments are made before the debt becomes due, we find the interest of the principal up to the time of the first payment, and this interest we reserve; we then subtract the payment from the principal, and find the interest of the remainder up to the time of the next payment, which interest we add to the other interest, and so continue up to the time the debt becomes due, and the sum of the interests, added to the last principal, will be the amount due at that time. After the debt becomes due, the interest is to be extinguished annually, if the payments are sufficient for that purpose. 13. J. Jones has J. Smith's note, dated January 1, 1840, for $500, with interest, to be paid annually, at 6 per cent. What was due January 1, 1844? Ans. $630.80. $5.40 $30 x.18 $120 interest of principal. 120.00. Amount, $630.80 Ans. This is the method, when there are no indorsements. (14.) $300.00. Thetford, Vt., January 1, 1843. For value received, I promise to pay Hiram Orcutt, Esq., or order, on demand, three hundred dollars, with interest annually. M. T. Cicero. Attest, P. M. Virgil. On this note are the following indorsements. Sept. 1, 1843, received eighty dollars. July 1, 1844, received one hundred dollars. April 1, 1845, received fifty dollars. What was due January 1, 1847 ? The above is the method of computing annual interest, when there are indorsements on the note, and it is not payable at a specified time. (15.) $600.00. Montpelier, Vt., June 1, 1844. For value received, I promise to pay John Smith, or order, six hundred dollars, in three years, with interest annually. Attest, S. Morse. John Y. Jones. |