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8. At what rate per cent, must $ 280 be on interest to amount to $ 411.95 in 6 years and 6 months? Ans. 7J per cent.
9. At what rate per cent. must $ 480 be on interest to amount to $529.60 in 1 year 3 months and 15 days?
Ans. 8 per cent.
360. To find the Time, the principal, the interest, and the rate per cent. being given.
Ex. 1. How long must $ 500 be on interest, at 6 per cent., to gain $ 120? Ans. 4 years.
Operation. We find that the given princi
12 0-^-30 = 4 years, Ans. pal at the given rate will produce
$ 30 interest in 1 year; therefore to produce $120 interest there will be required as many years as 30 is contained times in 120, or 4 years.
Rule. — Divide the given interest by the interest of the given principal for 1 year.
2. How long must $ 120 be on interest, at 8£ per cent., to gain $ 13.20? Ans. lyr. 4mo.
3. In what time will $ 144 produce $ 10.08 interest, at 7 per cent.? Ans. 1 year.
4. In what time will $ 240 at interest amount to $ 280, at 6 per cent.? Ans. 2yr. 9mo. lOd.
5. In what time will $ 1, or any other sum, double itself, at 5 per cent, interest? Ans. 20 years.
6. In what time will any sum double itself at 10 per cent. interest? Ans. 10 j'ears.
7. In what time will $ 1500 amount to $ 2250, at 5 per cent interest?
8. In what time will $ 480 at 4i per cent. amount to $561.60? Ans. 3yr. 9mo. lOd.
9. In what time, at 12 per cent., will $ 1728 amount to $3853.44? Ans. lOyr. 3mo.
10. In what time, at 6 per cent., will $ 240 amount to $720? Ans. 33yr. 4mo.
11. Borrowed, May 16, 1857, the sum of $ 400, payable as soon as the principal, increased by the interest at 6 per cent., shall equal $ 500. At what date is it payable?
Ans. July 16, 1861.
361 i A Promissory Note, or note of hand, is an engagement, in writing, to pay a specified sum, either to a person named in the note, or to his order, or to the hearer.
A joint note is one signed by two or more persons, who together are holdcn for its payment.
A joint and several note is one signed by two or more per sons, who separately and together are holden for its payment.
A negotiable note is one so made that it can be sold or transferred from one person to another.
362. The maker or drawer of a note is the person who signs it.
The payee, promisee, or holder of a note is the person to whom it is to be paid.
The indorser of a note is the person who writes his name upon its back to transfer it, or as a guaranty of its payment. If the indorser, however, wishes only to transfer the note, he may write before his name the words "without recourse," and then, though by his name he guarantees the genuineness of the note, he is not liable for its payment, should the maker not pay it when due.
363. The face of a note is the sum for which it is given.
364. A note should contain the words "value received," and the sum for which it is given should be expressed in written words, or, as is the general custom, the dollars may be written in words and the cents, if any, be expressed as hundredths of a dollar in the form of a common fraction.
Note. — The laws of Pennsylvania require that the words u without defalcation " should be inserted in a promissory note; and in Indiana, notes generally contain the words " without any relief whatever from valuation or appraisement laws."
365. A note is said to be one on time, when it is made payable on or after a certain date, and the day on which it becomes legally due is called the day of maturity.
366. According to the laws of many of the States, when a particular day is specified in the note for its payment, three days additional are allowed, called days of grace, within which the maker may pay the note, unless it states " without grace." Should the third day of grace, however, fall on Sunday, or some public day, the day of maturity will be a day earlier.
367i When a note is written for months, calendar months are understood. Thus, if a note be dated April 21, for one month, it will be nominally due May 21; and if dated January 29, 30, or 31, it being for one month, it will be nominally due February 28, should it be a common year, or February 2S), should it be a leap year.
368. When a note is written without interest, it can only draw interest, if on time, after the time specified for its payment, and not then lawfully, in some States, till after a demand has been made; or if not on time, after payment has been demanded.
Note. — A note attested or witnessed, in Massachusetts and some other States, is taken out of the statute of limitation.
PARTIAL PAYMENTS ON NOTES AND BONDS.
369i Partial or part payments on notes, bonds, or other obligations, being receipted for by entry on the back of the obligation, are termed indorsements.
United States Rule.
370. In the United States courts, and the courts of Massachusetts, New York, and several other States, interest on notes and bonds, when partial payments have been made, is reckoned according to the following
Rule. — Compute the interest on the principal to the time when the first payment was made, which equals or exceeds, either alone or with preceding paipnents, the interest then due.
Add that interest to the principal, and from the amount subtract the payment or payments thus far made.
The remainder will form a new principal; on which compute the interest, proceeding as before.
Note. — This rule is on the principle that neither interest nor payment should draw interest.
(1.) $105.18. Boston, June 17, 1847.
For value received, I promise to pay Nathaniel Ford, or order, on demand, one hundred and sixty-Jive dollars and eighteen cents, with interest.
Attest, Joseph Field. James Petersox.
On this note are the following indorsements. December 7, 1847, received eighteen dollars and thirteen cents of the within note. October 19, 1848, received twenty-eight dollars and sixteen cents. September 25, 1849, received thirty-six dollars and twelve cents. July 10, 1850, received three dollars and eighteen cents. June 6, 1851, received thirty-six dollars and twenty-eight cents. December 28, 1S52, received thirty-one dollars and seventeen cents. May 5, 1853, received three dollars and eighteen cents. September 1, 1853, received twenty five dollars and eighteen cents. October 18, 1854, received ten dollars.
How much remains due September 27, 1855?
Ans. $ 15.417.
Principal, carrying interest from June 17, 1847, $ 165.180
Interest from June 17, 1847, to Dec. 7, 1847, 5mo. 20d., 4.680
First payment, December 7, 1847, .... 18.130
Balance for new principal, ..... 151.730
Interest from Dec. 7, 1847, tc Oct. 19, 1848, l0mo. 12d., 7.889
Second payment, October 19, 1848, . . . 28.160
Balance for new principal, ..... 131.459
Interest from Oct. 19, 1848, to Sept. 25, 1849, llmo. 6d., 7.361
Third payment, September 25, 1849, .... 36.120
Balance for new principal, ..... 102.700
Interest from Sept. 25, 1849, to June 6, 1851, 20mo. lid., 10.458
Amount, 113.158 Fourth pay't, July 10, 1850, a sum less than interest, 3.18 Fifth pay't, June 6, 1851, a sum greater than interest, 36.28
Balance for new principal, ...... 73.698
Interest from June 6, 1851, to Dec. 28, 1852, 18mo. 22d., 6.903
Amount brought forward, $80,601
Sixth payment, December 28, 1852, .... 31.170
Balance for new principal, 49.431
Interest from Dec. 28, 1852, to May 5, 1853, 4mo. 7d., 1.046
Seventh payment, May 5, 1853, 3.180
Balance for new principal, . . . . 47.297
Interest from May 5, 1853, to Sept. 1, 1853, 3mo. 26d., .914
Eighth payment, September 1, 1853, . . . . 25.180
Balance for new principal, ..... 23.031
Interest from Sept. 1, 1853, to Oct. 18, 1854, 13mo. 17d., 1.562
Ninth payment, 10.000
Balance for new principal, . . . . . 14.593
Interest from Oct. 18, 1854, to Sept. 27, 1855, llmo. 9d., .824
Balance due at the time of payment, .... $15,417
(2.) $ 769.87. St. Lotus, June 17,1849.
For value received, I promise to pay L. Swan, or order, on demand, seven hundred and sixty-nine dollars and eighty-seven cents, with interest. Samuel Q. Peters.
Attest, Moses Haynes.
Payments: March 1, 1850, seventy-five dollars and fifty cents; June 11, 1851, one hundred and sixty-five dollars; September 15, 1851, one hundred and sixty-one dollars; Jan. 21,1852, forty-seven dollars and twenty-five cents; March 5, 1853, twelve dollars and seventeen cents; December 6, 1853, ninetyeight dollars; July 7, 1854, one hundred and sixty-nine dollars.
What remains due September 25, 1855? Ans. $226,297.
(3.) $ 300. Chicago, April 30, 1851.
For value received, I promise Kimball Hammond to pay them, or order, on demand, three hundred dollars, with interest.
Simpson W. Leavet.
• Payments: June 27, 1852, one hundred and fifty dollars; December 9, 1852, one hundred and fifty dollars.
What was due October 9, 1853? Ans. $ 26.735.
(4.) $54.18. San Francisco, Feb. 11, 1852.
For value received, I promise to pay John Trow, or order, on demand, ffty-four dollars and eighteen cents, with interest.
Luke M. Sampson.