Εικόνες σελίδας
PDF
Ηλεκτρ. έκδοση
[blocks in formation]

285,2250 Ans.

950,75×5=4753,75)285,2250(,06=6 per cent.

2. At what rate per cent. will 5677. 10s. amount to 8737.

19s. in 9 years? 3. At what rate per cent. will 340 dols. 25 cts amount to 626 dols. 6 cts. in 12 years ?

Ans. 6 per cent.

Ans. 7 per cent.

Ans. 51 per cent.

4. At what rate per cent. will 6451. 15s. amount to 9561. 10s. 4,125d. in 83 years?

CASE IV.

The amount, principal, and rate per cent. given, to find the time.

RULE.-Subtract the principal from the amount; divide the remainder by the product of the ratio and principal; and the quotient will be the time.

EXAMPLES.

1. In what time will 950 dols. 75 cts. amount to 1235 dollars, 97,5 cents, at 6 per cent. per annum?

From the amount

Take the principal

$1235,975

950,75

950,75x06-57,0450)285,2250(5 years, Ans.

285,2250

2. In what time will 5671. 10s. amount to 8731. 19s. at

6 per cent. per annum?

3. In what time will 340 dols. 25 cts. dols. 6 cts. at 7 per cent per annum?

Ans. 9 years. amount to 626 Ans. 12 years.

4. In what time will 6457. 15s. amount to 9567. 10s. 4,125d. at 51 per ct. per annum? Ans. 8,75-83 years.

TO CALCULATE INTEREST FOR DAYS.

RULE.-Multiply the principal by the given number of days, and that product by the ratio; divide the last product by 365 (the number of days in a year) and it will give the interest required.

EXAMPLES.

1. What is the interest of 3607. 10s. for 146 days, at 6 pr. ct.?

[blocks in formation]

Ans. $10, 53 cts.+ Ans. £4,1235=41. 2s. 51d.+ 2. What is the interest of 640 dols. 60 cts. for 100 days, 3. Required the interest of 2507. 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. $2,30 cts. 9m.+ at 6 per cent. per annum? per cent per annum?

A TABLE, showing the number of Days from any day of one month, to the same day of any other month.

FROM ANY DAY OF

Jan. Feb. Mar. Ap'l. May June July Aug. Sept Oct. Nov. Dec.
Jan. 365 334 306 275 245 214 184 153 122 92 61 31
Feb. 31 365 337 306 276 245 215 184 153 123 92 62
28 365 334 304 273 243 212 181 151 120

Mar 591

61

30 365 334 304 273 242 212 181 151

90

[blocks in formation]

31 365 335 304 274 243 212 182 151 121

[blocks in formation]
[ocr errors]

30 365 334 303 273 242 212

31 365 334 304 273 243

92 61

31 365 335 304 273 243 212 182

122 91 61

Aug. 212 181 153 122 921 61
Sept. 243 212 184 153 123

91 62 31 365 335 304 274

30 365 334 304

92

[blocks in formation]

Oct. 273 242 214 183 153 122 92 61
Nov. 304 273 246 214 184 153 123
Dec. 334 303 275 244 214 183 153 122

When interest is to be calculated on cash accounts, &c. where partial payments are 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 divide 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.

dols. days. products.

June 1, Principal per bill,
August 19, Received in part,

2000 79 158000

400

[blocks in formation]

$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.

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. But if any payment be made before one year's interest hath 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 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.*

66

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." 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=133 months.

1067,50 amount.

[Carried up.]

* If a year does not extend beyond the time of final 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 the final settlement, and deduct this amount from the amount of the principal. But if there be several payments 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 amount from the amount of the principa.

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 amount of third payment for 7 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.

[ocr errors][merged small]

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 payments (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 its interest from the time it was paid, up to 9,75 the end of the year, or from Nov. 14, 1799, to June 29, 1800 which is 7 and 12 months.

269,75 amount,

« ΠροηγούμενηΣυνέχεια »