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APPENDIX C.

1. The legal and maximum rates of interest allowed by law in the different States and Territories of the United States are as follows:

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NOTE.-When the rate of interest is not specified, the legal rate is always understood, and so allowed by the courts.

2. The labor of computing compound interest may be abridged by the use of the following

COMPOUND INTEREST TABLE,

Showing the amount of $1 at compound interest for any number of years from 1 year to 55 years inclusive.

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NOTE 1. To find the amount to which any given principal, at compound interest, will increase at any rate per annum, and for any number of years given in the preceding tables:

Multiply the given principal by the amount of $1 of principal for the given time and rate per annum, as shown in the Table. NOTE 2. To find the compound interest which any given principal will produce at any rate per annum, and for any number of years given in the preceding tables:

Subtract $1 from the amount of §1 for the given time aud rate per annum, as shown in the table; the result will be the compound interest of $1 of principal. Multiply the compound interest of §1 of principal by the given príncipal,

Yrs. 4% per ct.

5 per ct.

6 per ct.

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1.0920 2500

1.1025 000

1.1236 000

1.1449 000

1.1411 6612

1.1576 250

1.1910 160

1.2250 430

1.1925 1860

1.2155 063

1.2624 770

1.3107 960

1.2461 8194

1.2762 816

1.3382 256

1.4025 517

1.3022 6012

1.3400 956

1.4185 191

1.5007 304

1.3608 6183

1.4071 004

1.5036 303

1.6057 815

1.4221 0061

1.4774 554

1.5938 481

1.7181 862

1.4860 9514

1.5513 282

1.6894 790

1.8384 592

1.5529 6942

1.6288 946

1.7908 477

1.9671 514

1.6228 5305

1.7103 394

1.8982 986

2.1048 520

1.6958 8143

1.7958 563

2.0121 965

2.2521 916

1.7721 9610

1.8856 491

2.1329 283

2.4098 450

COMPOUND INTEREST TABLE,

363

Showing the amount of $1 at compound interest for any number of years, from 1 year to 55 years inclusive.

10 per ct. Yrs.

1.1000 000 1.2100 000 1.3310 000 1.4641 000 1.6105 100 1.7715 610 1.9487 171 2.1435 888 2.3579 477 2.5937 425 2.8531 167 3.1384 284 3.4522 712

[blocks in formation]

1.8509 302

1.9925 626

1.9990 046

2.1718 933

2.1589 250

2.3673 637

2.3316 390

2.5804 264

2.5181 701

2.8126 648

2.7196 237

3.0658 046

1.8519 4492

1.9799 316

2.2609 040

2.5785 342

2.9371 936

3.3417 270

3.7974 983

1.9352 8244

2.0789 282

2-3965 582

2.7590 315

3.1721 691

3.6424 825

4.1772 482

2.0223 7015

2.1828 746

2.5403 517

2.9521 638

[blocks in formation]

2.1133 7681

2.2020 183

2.6927 728

3.1588 152

3.7000 181

4.3276 334

2.2084 7877

2.4066 192

2.8543 392

3.3799 323

3.9960 195

4.7171 204

[blocks in formation]

2.3078 6031

2.5269 502

3.0255 995

3.6165 275

4.3157 011

5.1416 613

6.1159 390

2.4117 1402

2.6532 977

3.2071 355

3.8696 845

4.6609 571

5.6044 108

6.7275 000

2.5202 4116

2.7859 626

3.3995 636

4.1405 624

5.0338 337

6.1088 077

2.6336 5201

2.9252 607

3.6035 374

4.4304 017

5.4365 404

6.6586 004

7.4002 499
8.1402 749

2.7521 6635

3.0715 238

3.8197 497

4.7405 299

5.8714 637

7.2578 745

8.9543 024

2.8760 1383

3.2250 999

4.0489 346

5.0723 670

6.3411 807

7.9110 832

9.8497 327

3.0054 3446

3.3863 549

4.2918 707

5.4274 326

6.8484 752

8.6230 807

3.1406 7901

3.5556 727

4.5493 830

5.8073 529

7.3963 532

9.3991 579

3.2820 0956

3.7334 563

4.8223 459

6.2138 676

7.9880 615

3.4296 9999

3.9201 291

5.1116 867

6.6488 384

8.6271 064

3.5840 3649

4.1161 356

5.4183 879

7.1142 571

9.3172 749

10.2450 821 11.1671 395 12.1721 821

[blocks in formation]

3.7453 1813

4.3219 424

5.7434 912

7.6122 550

10.0626 569

13.2676 785

17.4494 023

3.9138 5745

4.5380 395

6.0881 006

8.1451 129

10.8676 694

14.4617 695

19.1943 425

4.0899 8104

4.7649 415

6.4533 867

8.7152 708

11.7370 830

15.7633 288

21.1137 768

4.2740 3018

5.0031 885

6.8405 899

9.3253 398

12.6760 496

17.1820 284

23.2251 544

4.4663 6154

5.2533 480

7.2510 253

9.9781 135

13.6901 336

18.7284 109

25.5476 699

4.6673 4781

5.5160 154

7.6860 868

10.6765 815

14.7853 443

20.4139 679

28.1024 369

4.8773 7846

5.7918 161

8.1472 520

11.4239 422

15.9681 718

22.2512 250

30.9126 805

5.0968 6049 5.3262 1921 5.5658 9908 5.8163 6454

6.0814 069

8.6360 871

12.2236 181

17.2456 256

24.2538 353

34.0039 486

6.3854 773

9.1542 524

13.0792 714

19.6252 756

26.4366 805

37.4043 434

6.7047 512

9.7035 075

13.9948 204

20.1152 977

28.8159 817

41.1447 778

7.0399 887

10.2857 179

14.9744 578

21.7245 215

31.4094 200

45.2592 556

6.0781 0094

[blocks in formation]

16.0226 699

23.4624 832

34.2362 679

49.7851 811

6.3516 1548

7.7615 876

11.5570 327

17.1442 568

25.3394 819

37.3175 320

54.7636 992

6.6374 3818

8.1496 669

12.2504 546

18.3443 548

27.3666 404

40.6761 098

60.2400 692

6.9361 2290

8.5571 503

12.9854 819

19.6284 596

29.5559 717

44.3369 597

66.240 761

7.2482 4843

8.9850 078

13.7646 108

21.0024 518

31.9204 494

48.3272 861

72.8904 837

7.5744 1961

9.4342 582

14.5904 875

[blocks in formation]

52.6767 419

80.1795 321

7.9152 6849

8.2714 5557 8.6436 7107 9.0326 3627

9.9059 711 10.4012 697 10.9213 331

15.4659 167

24.0457 070

37.2320 122

57.4176 486

88.1974 853

16.3938 717

25.7289 065

40.2105 731

62.5852 370

97.0172 338

17.3775 040

27.5299 300

43.4274 190

68.2179 083

106.7189 572

11.4673 998

18.4201 543

29.4570 251

46.9016 125

[blocks in formation]

12.0407 698

19.5253 635

31.5190 168

50.6537 415

12.6428 083

20.6968 853

33.7253 480

54.7060 408

13.2749 487

21.9386 985

36.0861 224

59.0825 241

13.9386 961

23.2550 204

38.6121 509

14.6356 309

24.6503 216

41.3150 015

63.8091 260
68.9138 561

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NOTE 3.-The amount of $1 for more than 55 years is equal to the product of the amount of $1 for any two or more numbers of years in the Table whose sum is equal to the given time. Thus, the amount of $1 at compound interest for 98 years at 8% per annum, is equal to the product of the amount of $1, at 8%. for 50 years ($46.9016125) multiplied by the amount of $1, at 8%, for 48 years ($40.2105731), that is, $46.9016125X40.2105731, or $1885.9407179+.

NOTE 4.-When the interest is to be compounded semi-annually, find, from the Table, the amount or interest at one-half the rate per annum for twice the number of years. Thus, the compound interest of $1 for 10 years at 5% per annum, payable semi-annually, is the same as the compound interest of $1 for 20 years at 2% per annum, payable annually; and the compound interest of any sum for 8 years at 4% per annum, compounded quarterly, is the same as the compound interest of the same sum for 32 years, at 1% per annum, compounded annually.

3. TABLE OF INSURANCE RATES.

Showing premiums for an insurance of $1000 upon the mutual

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NOTE.-To find the semi-annual rate per $1000, add 4% interest to any one of the above annual rates, and divide the result by 2. To find the quarterly rate, add 6% interest and divide the result by 4.

APPENDIX D.

1. Business methods of computing interest.

ILLUSTRATIVE EXAMPLES.

1. What is the interest of $835 for 60 days at 6%?

Solution.

$835 principal.

=

$8.35, int. for 60 days.

EXPLANATION.-If 6% be the rate for one year or 360 days, of 6% or 1% must be the corresponding rate for of 360 days, or 60 days; and 1% of the given principal is obtained by cutting off 2 figures from the right.

2. What is the interest of $780 for 75 days at 6%.

EXPLANATION. For convenience, use a vertical line in place of the decimal point,

Solution.

$7 80, int. for 60 da.

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and cut off two figures from the right of the principal, obtaining $7.80 as the interest for 60 days, as explained in Ex.

of 60 da. or 15 da. 1. If the interest for 60 days be $7.80,

"75 da.

the interest for the remaining 15 days of the given time [ of 60 da. = 15 da.]

must be of $7.80, or $1.95. Hence, for 60 da. +15 da., or 75 da., the interest must be $7.80+ $1.95, or $9.75.

3. What is the interest of $5250 for 45 days at 6%?

Solution.

$5250, int. for 60 da.

EXPLANATION.-Draw a vertical separatrix two places from the right of the principal, obtaining $52.50 as the interest for 60 da. Take of $52.50, or $26.25, as the interest for of 60 da., or 30 da., and of the interest for 30 da. [of $26.25 $13.13] as the interest for of $39 38, int. for 45 da. 30 da., or 15 da. Add the interest for 30 da. [$26.25] to the interest for 15 da. [$13.13], obtaining $39.38 as

26 25, int. for 30 da. 13 13, 66 "15"

the interest for 45 da.

4. What is the interest of $1248 for 1 yr. 4 mo. 5 da. at 6%? EXPLANATION.-1 yr. 4 mo. = 16 mo. Draw a vertical separatrix as before, obtaining $12.48 as the interest for 60 da. or 2 mo. Hence, 8 times $12.48,

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