EXAMPLES. (1.) $165.18. Boston, June 17, 1847. For value received, I promise to pay Nathaniel Ford, or order, on demand, one hundred and sixty-five dollars and eighteen cents, with interest. Attest, JOSEPH FIELD. JAMES PETERSON. 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, 1852, 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. OPERATION. Principal, carrying interest from June 17, 1847, $165.180 4.680 Amount, 169.860 First payment, December 7, 1847, 18.130 Balance for new principal, 151.730 Interest from Dec. 7, 1847, to Oct. 19, 1848, 10mo. 12d., 7.889 Amount, 159.619 Second payment, October 19, 1848, 28.160 Balance for new principal, 131.459 Interest from Oct. 19, 1848, to Sept. 25, 1849, 11mo. 6d., Interest from Sept. 25, 1849, to June 6, 1851, 20mo. 11d., Fourth pay't, July 10, 1850, a sum less than interest, 3.18 39.460 Balance for new principal, 73.698 Interest from June 6, 1851, to Dec. 28, 1852, 18mo. 22d., 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 Interest from May 5, 1853, to Sept. 1, 1853, 3mo. 26d., .914 Interest from Sept. 1, 1853, to Oct. 18, 1854, 13mo. 17d., 1.562 Interest from Oct. 18, 1854, to Sept. 27, 1855, 11mo. 9d., .824 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. (3.) $300. What remains due September 25, 1855? Ans. $226.297. 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 ? (4.) $54.18. Ans. $26.735. San Francisco, Feb. 11, 1852. For value received, I promise to pay John Trow, or order, on demand, fifty-four dollars and eighteen cents, with interest. LUKE M. SAMPSON. Payments: July 11, 1853, twelve dollars and twenty-five cents; August 15, 1854, two dollars and ten cents; July 9, 1855, three dollars and twelve cents; August 21, 1855, thirty-seven dollars and eighteen cents. What was due December 17, 1855? (5) $1000. Ans. $10.222. New York, January 1, 1850. 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. Indorsements: September 28, 1850, one hundred and forty-four dollars; March 1, 1851, twenty dollars; July 17, 1851, three hundred and sixty dollars; August 9, 1851, one hundred and ninety dollars; September 25, 1852, one hundred and seventy dollars; December 11, 1853, two hundred dollars; July 4, 1855, seventy-five dollars. What was due June 1, 1857 ? CONNECTICUT RULE. Ans. $7.61. 371. The Supreme Court of the State of Connecticut has adopted the following 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. If any payments be made before one year's interest has 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 vaid 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 as above. 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. NOTE. - If a year extends beyond the time of settlement, find the amount of the remaining principal to the time of settlement; find also the amount of the indorsement or indorsements, if any, from the time they were paid to the time of settlement, and subtract their sum from the amount of the principal. EXAMPLE. (1.) $900. New Haven, June 1, 1858. For value received, I promise to pay J. Downs, or order, nine hundred dollars, on demand, with interest. JAMES L. EMERSON. Indorsements: June 16, 1859, two hundred dollars; August 1, 1860, one hundred and sixty dollars; November 16, 1860, seventy-five dollars; February 1, 1862, two hundred and twenty dollars. What was due August 1, 1862 ? Ans. $ 417.822. OPERATION. Principal, $ 900.00 Interest from June 1, 1858, to June 16, 1859, 12 months, 56.25 956.25 First payment, 200.00 756.25 Interest from June 16, 1859, to August 1, 1860, 13 months, 51.046 Am't of 3d pay't, from Nov 16, 1860, to Aug. 1, 1861, 81mo., 78.187 607.946 Interest from Aug. 1, 1861, to Aug. 1, 1862, 12 months, 36.476 644.422 Am't of 4th pay't, from Feb. 1, 1862, to Aug. 1, 1862, 6mo., 226.600 372. It is customary with merchants, when partial payments are made of notes or other debts, when the note or debt is settled within a year after becoming due, to adopt the following RULE. Find the amount of the principal for the whole time. Then find the amount of each endorsement from the time it was paid until settlement, and subtract their sum from the amount of the principal. (1.) $1728. EXAMPLES. Baltimore, January 1, 1853. For value received, I promise to pay Riggs, Peabody, & Co., or order, on demand, one thousand seven hundred and twentyeight dollars, with interest. JOHN PAYWELL, JR. Indorsements: March 1, 1853, three hundred dollars; May 16, 1853, one hundred and fifty dollars; September 1, 1853, two hundred and seventy dollars; December 11, 1853, one hundred and thirty-five dollars. What was due at the time of payment, which was December 16, 1853? (2.) $700. Ans. $948.03. Montpelier, February 4, 1854. For value received, we jointly and severally promise to pay James Thomas, or order, on demand, seven hundred dollars, with interest. SAMPSON PHILlips, RICHARD FLETCHER. Payments: March 18, 1854, one hundred and sixty dollars; June 24, 1854, two hundred dollars; September 11, 1854, one hundred and twenty dollars; October 5, 1854, sixty dollars. What was due on this note Nov. 28, 1854? Ans. $180.43. (3.) $500. Detroit, January 1, 1857. For value received, three months after date I promise to pay to the order of James Francis five hundred dollars. WILLIAM AMSDEN. Indorsement: July 1, 1857, two hundred dollars. What was due April 1, 1858, the rate of interest being 7 per cent.? Ans. $324.50. ANNUAL INTEREST. 373. When no payments have been made on a note, especially when written "with interest annually," the courts of some states allow interest on the annual interest, in the nature of damages for its detention, and sanction the following RULE. - Find the interest on the principal for the whole time, and the interest on each year's interest from the time it may be due until paid. The sum of these interests will be the annual interest. Ex. 1. L. Jones has J. Perry's note, dated January 1, 1861, for $500, with interest to be paid annually, at 6 per cent. What was due, on the note, July 1, 1865? |