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10 days=})5,4 Interest for one month.
2. What is the interest of 421. 10s. for 11 months, at 6
per cent. ?
£. s. d.
Ans. 46,75 Interest for 11 mo. = 2 6 9
3. Required the interest of 941. 78. 6d. for one year, five months and a half, at 6 per cent. per annum.
Ans. £8 5s. 1d. 3,5qrs. 4. What is the interest of 121. 18s. for one third of a month, at 6 per cent. ? ..
II. FOR FEDERAL MONEY.
1. Divide the principal by 2, placing the separatrix as usual, and the quotient will be the interest for one month in cents, and decimals of a cent; that is, the figures at the left of the separatrix will be cents, and those on the right, dccimals of a cent.
2. Multiply the interest of one month by the given number of months, or months, and decimal parts thereof, or for the days take the even parts of a month, &c.
1. What is the interest of 341 dols. 52 cts. for 7 months? 2)341,52
Or thus, 170,76 Int. for 1 month. · 170,76 Int. for 1 month. X7,5 months. 71
85380 1195,32 do. for 7 mo. 119532 85,38 do. for $ mo.
1280,700cts. = 12,80 7 :: 280,70 Ans. 1280,7cts. $12, 80cts. 7m.
2. Required the interest of 10 dols. 44 cts. for 3 years, 5 months and 10 days.
10 days=}) 5,22 Interest for 1 month.
214,02 ditto for 41 months.
1,74 ditto for 10 days.
215,76cts. Ans.=82, 15cts. 7m. + S. What is the interest of 342 dollars for 11 months ?
The j is 171 Interest for one month.
Ans. 1881cts.=818, 81cts. NOTE. To find the interest of any sum for 2 months, at 6 per cent. you need only call the dollars so many cents, and the inferior denominations decimals of a cent, and it is done : Thus, the interest of 100 dollars for two months, is 100 cents, or 1 dollar; and $25, 40 cts. is 25 cts. 4 ma &c. which gives the following
RULE II. Multiply the principal by half the number of months, and the product will shew the interest for the given time; in cents and decimals of a cent, as above.
1. Required the interest of 316 dollars for 1 year and 10 months.
11= half the number of mo.
Ans. 3476cts.=$34, 76cts. 2. What is the interest of 364 dols. 25cts. for 4 months ?
$ cts. 364, 25
2 half the months.
728, 50cts. Ans.=87, 28cts. 5m.' III. When the principal is given in federal money, at 6 per cent to find how much the monthly interest wili be in New-England, &c. currency.
RULE. Multiply the given principal by ,03 and the product will be the interest for one month, in shillings and decimal parts of a shilling.
EXAMPLES 1. What is the interest of 325 dols. for 11 months ?
9,75 shil. int. for 1 month. X11 months.
Ans. 107,258.=£5 7s. 3d. 8. What is the interest in New-England currency, of 31 dols. 68 cts. for 5 months ?
Principal S1,68 dols.
,9504 Interest for one month.
Ans. 4,7520s.4s. 9d.
IV. When the principal is given in pounds, shillings, &c. New-England currency, at 6 per cent. to find how much the monthly interest will be in federal money.
RULE. Multiply the pounds, &c. by 5, and divide that product by 3, the quotient will be the interest for one month, in cents, and decimals of a cent, &c.
1. A note for £411 New-England currency has been on interest one month; how much is the interest thereof
1 in federal money?
Ans. 685cts,=86, 85cts. 9. Required the interest of 391. 18s. N. E. currency for 7 months ?
39,9 decimal value.
Ditto for 7 months, 465,5cts.=84, 65cts. 5m. Ans. V. When the principal is given in New-England and Virginia currency, at Ô per cent. to find the interest for a year, in dollars, cents and mills, by inspection.
Since the interest of a year will be just so many cents as the given principal contains shillings, therefore, write down the shillings and call them cents, and the pence in the principal made less by 1 if they exceed 3, or by 2 when they exceed 9, will be the mills, very nearly.
1 What is the interest of 21. 5s. for a year at 6 per ct ?
62 55.=458. Interest 45cts. the Answer. 2. Required the interest of 100l. for a year at 6 per ct.
? £100=2000s. Interest 2000cts.=820 Ans. 3. Of 279. 6d. for a year!
Ans. 27s. is 27 cts. and 6d. is 5 mills. 4. Required the interest of 5l. 108. 11d, for a year ? |
£5 10s.=110s. Interest 110cts.=81, 10cts. Om. 11 pencem2 per rule leaves
Ans. $1, 10 9 VI. To compute the interest on any note or obligation, when there are payments in part, or indorsements.
RULE. 1. Find the amount of the whole principal for the whole time.
2. Cast the interest on the several payments, from the time they were paid, to the time of settlement, and find their amount; and lastly deduct the amount of the several payments, from the amount of the principal.
EXAMPLES. Suppose a bond or note dated April 17, 1793, was given for 675 dollars, interest at 6 per cent. and there were payments indorsed upon it as follows, viz.
First payment, 148 dollars, May 7, 1794.
Third payment, 99 dols. Jan. 2, 1798. I demand how much remains due on said note, the 17th of June, 1798 ?
$ cts. 148, 00 first payment, May 7, 1794. Ir. mo 36, 50 interest up to June 17, 1798.=4 13
184, 50 amount.
341, 00 second payment, Aug. 17, 1796. Yr. mo. 37, 51 Interest to June 17 1798. = 10
378, 51 amount.