EXAMPLES. 1. What is the interest of 950 10s. for 146 days, at 6 per cent.? 360,5×146×,06 365 £. £. s. d. qrs. Ans. $10,53cts.+ Ans. £4,1235=4l. 2s. 54d.+ 2. What is the interest of 640 dols. 60 cts. for 100 days, 3. Required the interest of 2501 17s. for 120 days at 5 4. Required the interest of 481 dollars 75 cents, for 25 per annum ? Ans. $2,30cts. 9m.+ at 6 per cent. per annum ? per cent. per annum ? days, at 7 per cent. A TABLE, showing the number of Days from any day of one month, to the same day of any other month. Mar. Ap'l. 90 59 May 120 89 61 June 151 120 FROM ANY DAY OF 62 151 120 90 Jan. Feb. Mar. Ap'l. May June July Aug. Sept. Oct. Nov. Dec 92 July 181 150 122 91 61 92 91 31 365 335 304 274 Oct. 273 242 214 183 153 122 Dec. 334 303 275 244 214 183 153 122 When interest is to be calculated on cash accounts, &c where partial payments ·r 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 August, 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 June 1, Principal per bill, October 15, Received in part, dolls. days. products. 2000 79 | 158000 400 Balance, 1801, February 17, Received in part, 200 Balance, 600 $ cts. m. 63 87 9+ 365)23316,00(63,879 Ans. = 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 KULL. "Compute the interest to the time of the first pay ment; if that be one year or more from the time the interest commenced, add it to the principal, and deduct the payinent from the sum total If there be after payments made, compute the interest on the balance due to the next pay. 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 i to be computed but only on the principal sum for any period.” Kirby's Reports, page 49. EXAMPLES. A bond, or note, dated January 4th, 1797, was given for 1000 dollars, interest at 6 per cent. and there were pay. ments endorsed upon it as follows, viz. 1st payment February 19, 1798. 2d payment June 29, 1799. 3d payment November 14, 1799. $ 200 500 260 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, 1798–131 months. 1067,50 amount. [Carried up * If a year does not extend beyond the time of Snal settlement; but if it does, then find the amount of the principal 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 from the amour t of the principal. But if there be several pay ments made within the said time, find the amount of the several payments, from the time they were paid, to the time of settlement, and deduct their anocut from the ainount of the principal. 1067,50 amount. [Brought up. 200,00 first payment deducted. 867,50 balance due, Feb. 19, 1798. 70,845 interest to June 29, 1799-161 months 938,345 amount. 500,000 second payment deducted. 438,345 balance due, June 29, 1799. 26,30 interest for one year. 464,645 amount for one year. 269,750 am unt of third payment for 74 months.* 194,895 balance due June 29, 1800. 5,687 interest to 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 which 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 ils interest from the time it 9,75 was paid, up to the end of the year, or from Nov. 14, 1799 to June 29, 1800, which is 7) 269,75 amount. [months. Let the foregoing example besolve by this Rule. A note for 1000 dols. dated Jan.4. 1797, at 6 per cent. 1st payment February 19, 1798. 2d payment June 29, 1799. $200 500 260 How much remains due on said note the 24th of Decem 3d payment November 14, 1799. Remains for a new principal, 438,34 Interest to November 14, 1799 (4} mo.) 9,86 Amount, 448,20 November, 14, 1799, paid 260,00 Remains a new principal, 188,20 Interest to December 24, 1800, (13mo.) 12,70 Balance due on said note, Dec. 24, 1800, 200,90 $ cts. The balance by Rule I. 200,579 By Rule II. 200,990 Difference, 0,411 Another Example in Rule II. A bond or note, dated February 1, 1800, was given for 300 dollars, interest at 6 per cent. and there were payments endorsed upon it as follows, viz. 1st payment May 1, 1800, 2d payment November 14, 1800, $cts. 40,00 8,00 |