INTEREST TABLE AT SEVEN PER CENT. Days. 6 Months. 7 Months. 8 Months. 9 Months. 10 Months. 11 Months. 0 0.03500 0.04083 0.04667 0.05250 0.05833 0·06417 1 0.03519 0.04103 0.04686 0.05269 0.05853 0.06436 2 0.03539 0.04122 0.04706 0·05289 0.05872 0.06456 3 0.03558 0.04142 0.04725 0.05308 0.05892 0.06475 4 0.03578 0.04161 0.04744 0.05228 0.05911 0.06494 5 0.03597 0.04181 0.04764 0.05347 0.05931 0.06514 6 0.03617 0.04200 0.04783 0·05367 0·05950 0.06533 7 0.03636 0.04219 0.04803 0.05386 0·05969 0.06553 8 0.03656 0.04239 0.04822 0.05406 0·05989 0.06572 9 0.03675 0.04258 0.04842 0.05425 0.06008 0·06592 10 0.03694 0.04278 0.04861 0·05444 0.06028 0.06611 11 0.03714 0.04297 0.04881 0.05464 0.06047 0.06631 12 0.03733 0.04317 0.04900 0.05483 0.06067 0.06650 13 0.03753 0.04336 0.04919 0.05503 0.06086 0.06669 14 0.03772 0.01356 0.04939 0.05522 0·06106 0.06689 15 0.03792 0.04375 0.04958 0.05542 0·06125 0.06708 16 0.03811 0.04394 0.04978 0.05561 0·06144 0·06728 17 0.03831 0.04414 0.04997 0.05581 0.06164 0.06747 18 0.03850 0.04433 0·05017 0.05600 0.06183 0.06767 19 0.03869 0.04453 0.05036 0.05619 0.06203 0.06786 20 0.03889 0.04472 0.05056 0.05639 0.06222 0.06806 21 0.03908 0.04492 0.05075 0.05658 0.06242 0.06825 22 0.03928 0.04511 0·05094 0.05678 0.06261 0.06844 23 0.03947 0.04531 0.05114 0.05697 0.06281 0.06864 24 0.03967 0.04550 0.05133 0.05717 0.06300 0.06883 25 0.03986 0.04569 0.05153 0.05736 0.06319 0·06903 26 0.04006 0·04589 0·05172 0·05756 0·06339 0·06922 27 0.04025 0.04608 0.05192 0.05775 0.06358 0.06942 28 0.04044 0.04628 0.05211 0.05794 0.06378 0.06961 29 0.04064 0.04647 0.05231 0.05814 0.06397 0.06981 300-04083 0.04667 9.05250 0·05833 0.06417 0.07000 We will now give, to be wrought by the aid of the preceding table, the following EXAMPLES. 1. What is the interest of $37·13 for 3 months and 3 days, at 7 per cent.? Operation. $0.01808-- Tabular number, 3 mo. 3 days. 2. What is the interest of $320 for 6 months and 3 days, at 7 per cent.? Ans. $11.386, nearly. 3. What is the interest of £20 5 s. 6 d. for 8 months 17 days, at 7 per cent.? Reducing the shillings and pence to the decimal of a pound, our principal will become £20-275. Hence, multiplying £0.04997, the tabular number for 8 months 17 days, by 20-275, we find £1.01314175. Reducing this decimal of a pound to shillings and pence, we have £1 0 s. 3 d., nearly for the interest required. 4. What is the interest of $500 for 6 months and 1 day, at 7 per cent. ? Ans. $17.595. 5. What is the interest of £500 15 days, at 7 per cent.? 10 s. for 4 months Ans. £13 2 s. 91 d. 6. What is the interest of $1250 for 3 years and 3 months, at 7 per cent.? The tabular number for 3 months is $0.01750; to which, adding $0.21, the interest of $1 for 3 years, we have $0.2275, for the interest of $1 for 3 years and 3 months. Now, multiplying $0.2275 by 1250, we obtain $284.375, for the interest sought. 7. What is the interest of $33:33 for 2 years, 5 months, and 3 days, at 7 per cent.? Ans. $5.658, nearly. PARTIAL PAYMENTS. 64. WHEN notes, bonds, or obligations, receive par tial payments, or indorsements, we must use the following Rule, which, was given by CHANCELLOR KENT, in the New York Chancery Reports: RULE. "The Rule for casting interest, when partial payments have been made, is to apply the payment in the first place to the discharge of the interest then due. If the payment exceed the interest, the surplus goes towards discharging the principal, and the subsequent interest is to be computed on the balance of the principal remaining due. If the payment be less than the interest, the surplus of interest must not be taken to augment the principal; but interest continues on the former principal until the period when the payments, taken together, equal or exceed the interest due, and then the surplus is to be applied towards discharging the principal, and interest is to be computed on the balance, as aforesaid." UTICA, May 16, 1839. 1. For value received, I promise to pay A. B., or order, three hundred and twenty dollars, with interest at 7 per cent. C. D. Indorsements were made on this note as follows: September 3, 1839, there was paid January 5, 1840, 66 66 How much was due May 3, 1843? $30.00 5.00 40.00 100.00 We first find the successive periods of time for which interest is to be computed by the following The interest being 7 per cent., we will compute it by the aid of the table under Art. 63. Amount of the note, or the principal, is $320.000 Interest up to Sept. 3, 1839, is. 6.659 326.659 Deduct first indorsement, Interest up to January 5, 1840, is $7.037, which is greater than the second indorsement. 30.000 296.659 Interest from Sept. 3, 1839, to August 11, $296.659 40.263 336.922 45.000 291.922 11.011 302.933 100.000 202.933 16.888 $219.821 UTICA, Nov. 1, 1837. 2. For value received, I promise to pay THOMAS JONES, or order, the sum of six hundred and twenty dollars, on demand, with interest. CHARLES BANK. What was the balance due Oct. 15, 1840, allowing |