A TABLE, showing the number of Days from any day of one month, the same day of any other month. 59 Ans. $10,53cts.t #. s. d. grs. 8652=8 13 0 1,9 Ans. 1. Vhat is the interest of 9501 10s. for 146 days, at EXAMPLIS, 2. What is the interest of 540 dols. 60 cts. for 100 days, Ans. £4,1235=41. 2s. 5 d.+ 3. Required the interest of 2501 17s. for 120 days at 5 4. Required the interest of 481 dollars 75 cents, for 25 days, at 7 per cent. per annum ? Ans. $2,30cts. 9m.t £. 365 360,5 X 146x,06 at 6 per cent. per annum ? 6 per ent.? per cent. per annum ? FROM ANY DAY OF 31 365 335/ 304 274 243 212 182 151/ 121 89 61 30 365 334 304 273 242 212 181 151 When interest is to be calculated on cash accounts, &c. where partial payments ? made ; multiply the several balances into the days they are at interest, then multiply the sum of these products by the rate on the dollar, and di vide the last product by 365, and you will have the whole interest due on the account, &c. EXAMPLES. Lent Peter Trusty, per bill on demand, dated 1st of June, 1800, 2000 dollars, of which I received back the 19th of Augusó, 400 dollars ; on the 15th of October, 600 dollars ; on the 11th of December, 400 dollars ; on the 17th of February, 1801, 200 dollars; and on the 1st of June, 400 dollars ; how much interest is due on the bill, reckoning at 6 per cent. ? 1800 dolls. days. products. June 1, Principal per bill, 2000 79 158000 August 19, Received in part, 400 5791200 Balance, 1600 October 15, Received in part, 600 57 Balance December 11, Received in part, 57000 1000 1801, Balance, 600 February 17, Received in part, 200 Balance, 400 June 1, Rec'd in full of principal, 400 888600 Then 388600 ,06 Ratio. $ cts. m. 365)23316,00(63,879 Ans. 63 87 9+ The following Rule for computing interest on any note, or obligation, when there are payments in part, or endorsements, was established by the Superior Court of the State of Connecticut, in 1784 RULL. “ Conspute the interest to the time of fire firs: pagi 15. ment; if that be one year or more from the time the interest commenced, add it to the principal, and deduct the pa yopent from the sum total If there be after payments maile, compute the interest on the balance due to the next pays ment, 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. But if any payment be made before one year's interest hath accrued, ther, 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 paid, 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 in. terest arisen at the time of such payment, no interest is to be computed but only on the principat sum for any period." Kirby's Reports, page 49. EXAMPLES. A bond, or note, dated January 4th, 1797, was given foi 1000 dollars, interest at 6 per cent. ard there were pay. ments endorsed upon it as follows, viz. 1st payment February 19, 1798. 200 2d payment June 29, 1799. 500 3d payment November 14, 1799. 260 I demand how much remains due on said note the 24th of December, 1800 ? 1000,00 dated January 4, 1797. 67,50 Interest to February 19, 1708 134 months. 1067,50 amount. [Carried up * If a year does not extend beyond the time or Suai settiement ; but it it does, then find the amount of the principa! sum due on the obligation, up to the time of settlement, and likewise find the amount of the sum paid. from the time it was paid, up to the time of final settlement, and deduct this amount froin the ansourt of th principal. But if there be several pay inents made within the said time, find the amount of the several paymeuts, froin the time they were paid, io the rim of settlement, and deduct their Bullocut from the ainour of the principal. [Brought up. 1067,50 amount. 867,50 balance due, Feb. 19, 1798. 938,345 amount. 438,345 balance due, June 29, 1799. 26,30 interest for one year. 464,645 amount for one year. 194,895 balance due June 29, 1800. 5,687 interest in December 24, 1800. mo. da. 5 25 200,579 balance due on the Note, Dec. 24, 1800. RULE II. Established by the Courts of Law in Massachusetts for computing interest on notes, &c. on which partial payments have been endorsed. “ Compute the interest on the principal sum, from the time when the interest commenced to the first time when a payment was made, which exceeds either alone or in conjunction with the preceding payment (if any) the interest at that time due : add that interest to the principal, and from the sum subtract the payment made at that time, together with the preceding payment (if any) and the remainder forms a new principal ; on whirh compute and subtract the payments as upon the first principal, and proceed in this manner to the time of final settlement.” $ cts. *260,00 third payment with its interest from the time it 9,75 was paid, up to the end of the gear, or from Nov. 14, 1799 10 June 29, 1800, which is 71 269,75 amannt. months. Let the foregoing example besolve by this Rule. A note for 1000 dols. dated Jan.4, 1737, at 6 per cent. 1st payment February 19, 1798. $200 2d payment June 29, 1799. 500 3d payment November 14, 1799. 260 How much remains due on said note the 24th of Decem ber, 1800 ? $ cts. Principal, January 4, 1797, 1000,00 Interest to Feb. 19, 1798, (13}mo.) 67,50 Amount, 1067,50 Paid February 19, 1798, 200,00 Remainder for a new principal, 867,50 Interest to June 29, 1799, (164 mo.) 70,84 Amount, 938,34 Paid June 29, 1799, 500,00 Remains for a new principal, 438,34 Interest to November 14, 1799 (4} mo.) 9,86 Amount, 448,20 260,00 November, 14, 1799, paid Remains a new principal, Balance due o'r said note, Dec. 24, 1800, $ cts. The balance by Rule I. 200,579 By Rule II. 200,990 Difference, 0,411 Another Example in kole II. A bond or note, dated February 1, 1800, was given for 500 dollars, interest at 6 per cent and there were payments endorsed upon it as follows, viz. 1st payment May 1, 1800, 40,00 2d payment November 14, 1800 8,10 $ cts. |