Davies' University Arithmetic

22. What will $8450 amount to in 60 days, at 10 per cent.? 23. What is the interest of $4000, for 1 month and 6 days, at 9 per cent.?

24. What will be the amount of $87.60, from September 9th, 1852, to October 10th, 1853, at 6 per cent.?

25. What will be due on a note of $126.75, given July 8th. 1854, and payable April 25th, 1858, at 7 per cent.?

26. What is the interest of $350, from January 1st, 1856, to 15th of September next following, at 5 per cent.?

27. Gave a note of $560.40, March 14th, 1855, on interest, after 90 days: what interest was due December 1st, 1856, at 10 per cent. ?

28. What is the interest of $1256, for 11 months and 9 days, at 6 per cent. ?

29. What is the amount of $745.40, at 5 per cent. interest being reckoned from the 5th day of the 10th month of 1850, to the 10th day of the 5th month of 1854 ?

30. September 10th, 1852, James Trusty borrowed of Peter Credit $250, and March 4th, 1853, $500 more, agreeing to pay 7 per cent. interest on the whole: what was the amount of his indebtedness January 1st, 1854?

31. Ordered drygoods of A. T. Stewart & Co., at different times, to the following amounts: viz., Jan. 1st, 1854, $254 ; March 15th, 1854, $154.60; April 20th, 1854, $424.25; and June 3d, 1854, $75.50. I bought on time, at 6 per cent. interest what was the whole amount of my indebtedness on the first day of September following?

32. If I borrow $475.75 of a friend at 7 per cent., what I will I owe him at the end of 8 months and a half?

33. In settling with a merchant, I gave my note for $127.28, due in 1 year 9 months, at 6 per cent. what must be paid when the note falls due?

34. A person buying a piece of property for $4500, agreed

to pay for it in three equal annual instalments, with interest at 6 per cent.: what was the entire amount of money to be paid?

35. A mechanic hired a journeyman for 9 months, at $40 a month, to be paid monthly; at the end of the time he had paid nothing; he then settled, allowed interest at 7 per cent., and gave his note, on interest, due in year months and 15 days: what will he pay when his note falls due ?

36. A person owning a part of a woolen factory, sold his share for $9000. The terms were, one-third cash, on delivery of the property, one-half of the remainder in 6 months, and the rest in 12 months, with 7 per cent. interest: what was the whole amount paid?

$382.50

INTEREST ON NOTES.

CHICAGO, January 1st, 1861.

1. For value received, I promise to pay on the 10th day of June next, to C. Hanford or order, the sum of three hundred and eighty-two dollars and fifty cents, with interest from date, at 7 per cent.?

$612

JAMES JONES.

BALTIMORE, January 1st, 1862.

2. For value received, I promise to pay on the 4th of July, 1864, to Wm. Johnson or order, six hundred and twelve dollars, with interest at 6 per cent. from the 1st of March, 1862. JOHN LIBERAL.

$3120

CHARLESTON, July 3d, 1860.

3. Six months after date, I promise to pay to C. Jones or order, three thousand one hundred and twenty dollars, with interest from the 1st of January last, at 7 per cent.

JOSEPH SPRINGS.

$786.50

NEW YORK, July 7th, 1861. 4. Twelve months after date, I promise to pay to Smith & Baker or order, seven hundred and eighty-six dollars, for value received, with interest from December 3d, 1861, at 8 per cent. SILAS DAY.

$4560.72

CINCINNATI, March 10th, 1863.

5. Nine months after date, for value received, I promise to pay to Redfield, Wright & Co. or order, four thousand five hundred and sixty

months, at 7 per cent.

$1854.83

dollars, with interest, after 6

FREDERICK STILLMAN.

BOSTON, July 17, 1863.

6. Eleven months after date,' for value received, we promise. to pay to the order of Fondy, Burnap & Co. one thousand eight hundred and fifty-four dollars, with interest from May 13th, 1863, at 6 per cent. PALMER & BLAKE.

POUNDS, SHILLINGS, AND PENCE.

279. To find the interest of pounds, shillings, and pence.

Rule.-I. Reduce the shillings and pence to the decimal of a pound (Art. 214):

II. Then find the interest as though the sum were dollars and cents; after which, reduce the decimal part of the answer to shillings and pence (Art. 215).

Examples.

1. What is the interest, at 6 per cent., of £27 158. 9d for 2 years?

£27 15s. 9d. = £27.7875.

£27.7875 x .06 × 2 = £3.3345 interest.

£3.3345 = £3 6s. 81d. Ans.

2. What is the interest on £203 18s. 6d., at 6 per cent.

for 8 years 8 months 16 days?

3. What is the interest of £215 13s. 8d., at 6 per cent., for 3 years 6 months and 9 days?

4. What is the interest of £1543 10s. 6d., for 2 years and a half, at 4 per cent.?

5. What is the amount of £1047 3s., for 1 yr. 4 mo. 15 da., at 6 per cent. ?

6. What is the interest on £511 1s. 4d., at 6 per cent. per annum, for 6 yr. 6 mo.?

7. What is the interest on £161 15s. 3d., at 6 per cent., for 8 mo. 13 da. ?

PARTIAL PAYMENTS.

280. A PARTIAL PAYMENT is the payment of a part of the amount due on a note or bond. When partial payments are made, they are indorsed on the note or bond.

281. We shall now give the rule established in New York (see Johnson's Chancery Reports, vol. i., page 17,) for computing the interest on a bond or note, when partial payments have been made. The same rule is also adopted in Massachusetts, and in most of the other States.

Rule.

I. Compute the interest on the principal to the time of the first payment; if the payment equals or exceeds this interest, add the interest to the principal, and from the sum subtract the payment; the remainder forms a new principal:

II. But if the payment is less than the interest, take no notice of it, except to indorse it on the note or bond, until other payments shall have been made, which in all, shall exceed the interest computed to the time of the last payment, then add the interest, so computed, to the principal, and from the sum subtract the sum of the payments; the remainder will form a new principal, on which interest is to be com puted as before.

$349.998

Examples.

RICHMOND, Va., May 1st, 1846

1. For value received, I promise to pay James Wilson, or order, three hundred and forty-nine dollars ninety-nine cents and eight mills, with interest, at 6 per cent