APOTHECARIES' FLUID MEASURE. 898. Apothecaries' Fluid Measure is used in mixing liquid medicines. 60 minims, or drops (m or gtt.) = 1 fluid drachm, 8 fluid drachms 16 fluid ounces 8 pints f3. $3. a Cong. NOTE.-Gtt. for gutta, Latin, signifying drops; 0, for octarius, Latin for one-eighth; and Cong., congiarium, Latin for gallon. 899. The following approximate measures, though not strictly accurate, are often useful in practical life: 45 drops of water, or a common teaspoonful = 1 fluid drachm. A knot, used for measuring distances at sea, is equivalent to a nautical LEAP YEARS. 901. A Solar Day is the time between the departure of the sun from a given meridian and his return to it. 902. A Mean Solar Day is the average length of all the solar days in the year, and is divided into 24 hours, the first 12 being designated by A. M., the last by P. M. NOTE.—A. M. is an abbreviation of ante meridies, before midday; P. M., of post meridies, after midday. 903. A Solar Year is the time in which the earth, starting from one of the tropics or equinoctial points, revolves around the sun, and returns to the same point. It is thence called the tropical year, and is equal to 365 da. 5 hr. 48 min. 49.7 sec. NOTES.-1. The excess of the solar above the common year is 6 hours or of a day, nearly; hence, in 4 years it amounts to about 1 day. To provide for this excess, 1 day is added to the month of February every 4th year, which is called Leap year, because it leaps over the limit, or runs on 1 day more than a common year. 2. Every year that is exactly divisible by 4, except centennial years, is a leap year; the others are common years. Thus, 1876, '80, etc., were leap years 1879, '81, were common. Every centennial year exactly divisible by 400 is a leap year; the other centennial years are common. Thus, 1600 and 2000 are leap years; 1700, 1800, and 1900 are common. ANNUAL INTEREST. 904. Annual Interest is interest that is payable every year. 905. To Compute Annual Interest, when the Principal, Rate, and Time are given. 1. What is the amount due on a note of $500, at 6%, in 3 yr. with interest payable annually? Principal...... SOLUTION. Interest for 1 year is $30; for 3 years it is $30 × 3, or. $500.00 90.00 3.60 1.80 $595,40 RULE. Find the interest on the principal for the given time and rate; also find the simple legal int. on each annual int. for the time it has remained unpaid. The sum of the principal and its int., with the int. on the unpaid annual interests, will be the amount. NOTE. When notes are made payable "with interest annually," simple interest can be collected, in most of the States, on the annual interest after it becomes due. This is according to the contract, and is an act of justice to the creditor, to compensate him for the damage he suffers by not receiving his money when due. 2. What is the amount of a note of $1500, payable in 4 yr. 3 mo. 10 da., with int. annually at 5% ? 906. Connecticut Rule for Partial Payments. I. When the first payment is a year or more from the time the interest commenced: Find the amount of the principal to that time. If the payment equals or exceeds the interest due, subtract it from the amount thus found, and considering the remainder a new principal, proceed as before. II. When a payment is made before a year's interest has accrued : Find the amount of the principal for 1 year; also, if the payment equals or exceeds the interest due, find its amount from the time it was made to the end of the year; then subtract this amount from the amount of the principal, and treat the remainder as a new principal. III. If the payment be less than the interest: Subtract the payment only from the amount of the principal thus found, and proceed as before. $650. NEW HAVEN, April 12, 1878. 1. On demand, I promise to pay to the order of George Selden, six hundred fifty dollars, with interest, value received. THOMAS SAWYER. Indorsements:-May 1, 1879, rec'd $116.20. Feb. 10, 1880, rec'd $61.50. Dec. 12, 1880, rec'd $12.10. June 20, 1881, rec'd $110. What was due Oct. 21, 1881? SOLUTION. Principal, dated April 12, 1878..... $650.00 Interest to first payment, May 1, 1879 (1 yr. 19 da.). 41.06 Interest to May 1, '80, or 1 yr. (2d payment being short of 1 yr.).. 34.49 Amount, May 1, '80.... 609.35 Amount of second payment to May 1, '80 (2 mo. 20 da.). 62.32 Remainder, or New Principal, May 1, '80...... 547.03 Amount, May 1, '81 (1 yr.).... 579.86 Third payment (being less than interest due) draws no interest... 12.10 Remainder, or New Principal, May 1, '81.......... 567.76 Amount, Oct. 21, '81 (5 mo. 20 da.).. 583.85 Amount of last payment to settlement (4 mo. 1 da.).. 112.22 Balance due Oct. 21, '81... $471.63 NOTE. For additional exercises in the Connecticut Rule, the student is referred to Art. 554. 907. Vermont Rule for Partial Payments on Notes bearing Annual Interest. I. When payments are made on notes bearing interest, such payments shall be applied, "First, to liquidate the interest that has accrued at the time of such payments; and secondly, to the extinguishment of the principal." II. When notes are made with interest annually," The annual interests which remain unpaid shall be subject to simple interest from the time they become due to the time of settlement. III. If payments have been made in any year, reckoning from the time such annual interest began to accrue, the amount of such payments at the end of such year, with interest thereon from the time of payment, shall be applied: "First, to liquidate the simple interest that has accrued from the unpaid annual interests. 66 Secondly, To liquidate the annual interests that have become due. "Thirdly, To the extinguishment of the principal. NOTES.-1. The foregoing is the statute rule for reckoning interest passed by the General Assembly of Vermont, 1866. 2. Each year's interest on the principal is called annual interest. 3. Interest on unpaid annual interest never draws interest. 4. In the following examples, a month is reckoned as 30 days, and computations are extended as far as mills. 5. The last computation is made to the time of settlement. $1500. BURLINGTON, Feb. 1, 1877. 1. On demand, I promise to pay to the order of Jared Sparks, fifteen hundred dollars, with interest annually at 6%, value received. AUGUSTUS WARREN. Indorsements:-Aug. 1, 1877, received $160; Nov. 1, 1880, $250. Required the amount due Feb. 1, 1881. 256.53 5.13 15.39 1697.12 $250.00 3.75 253.75 $1443.37 Annual interest on same from Feb. 1, '78, to Feb. 1, '81 (3 yr.). . . Interest on second annual int. from Feb. 1, '80 (1 yr.).. Amount... Second payment, Nov. 1, '80.. Interest on same to Feb. 1, '81 (3 mo.). ... Balance due Feb. 1, '81.. 2. A note was given June 5, 1884, for $975, with interest |