Find the interest and amount of : 2. $300 for 3 yr. 6 mo. at 6%. 8. $16 for 8 mo. at 6%. 9. $75 for 8 mo. at 6 %. 10. $420 for 10 mo. at 10 %. 11. $40.50 for 1 yr. 1 mo. at 6 %. 12. $300.40 for 5 mo. at 7 %. 13. $100 for 7 mo. at 7 %. Find the interest and amount of : 17. $250 at 8% for 3 yr. 5 mo. 20 da. 25. Henry Boydson borrows $275 Sept. 1, 1906, at 6% interest, and settles the note Jan. 1, 1908. Find the amount of the note at settlement. = of $.06 or of 60 The one dollar six per cent method of finding interest. 1. What is the interest on $1 at 6% for 1 year? Interest on 1 dollar for 1 month equals Interest on 1 dollar for 1 day equals ==$.0001. Since the interest on 1 dollar for 1 month is and for 1 day mill, change the years and months to months. The interest on each dollar will be as many cents as there are months and as many mills as there are days. Multiply the sum by a number equal to the number of dollars. The interest at any other rate may be found as follows : = 1% = 1 of 6% 5% 6% of 6% of 6% of 6% = Write the interest on 1 dollar at 6% for: 2. 12 mo. 3. 8 mo. 4. 16 mo. 5. 8 mo. 18 da. 1 yr. 10 mo. 22 months. 6. 1 yr. 2 mo. 12 da. $33.95 int. + $300 prin. 7. 1 yr. 6 mo. 15 da. 8. 1 yr. 9 mo. 12 da. 9. 2 yr. 4 mo. 18 da. Written Work 1. Find the interest and amount of $300 for 1 year 10 months 19 days at 6%; at 8%. Int. on $1 at 6% for 22 mo. = $.11 = Int. on $1 at 6% for 22 mo. 19 da. = $.1131 Int. on $300 at 6% for 22 mo. 19 da. = 300 x $.1131 or $33.95 (to the nearest cent). = $333.95, amount. At 8% the interest will be $33.95 + († of $33.95), or $45.27, and the amount $345.27. Find the interest and amount of : 2. $660 at 6% for 1 yr. 2 mo. 12 da. 3. $457.75 at 6% for 2 yr. 8 mo. 18 da. 7. $90.75 at 6% for 2 yr. 6 mo. 6 da. 8. Find the amount necessary to pay a loan of $250 at 6% from Jan. 4, 1907, to Jan. 25, 1909. 9. Find the interest on $ 375 borrowed Sept. 1, 1906, and paid March 16, 1908. 10. Henry Boydson borrows Jan. 4, 1907, from James Anderson $375, agreeing to pay the money April 1, 1909, with interest at 6%. Find the amount due James Anderson April 1, 1909. The following is the form of the written promise. $375.00 Promissory Note Augusta, Me., Jan. 4, 1907. April 1, 1909, I promise to pay to the order of James Anderson. Three hundred seventy-five~~ with interest at 6%. Value received, Dollars Henry Boydson. A promissory note is a written agreement made by one person to pay to another a sum of money at a certain time. SAVINGS ACCOUNTS FOR BOYS AND GIRLS SAVINGS ACCOUNTS FOR BOYS AND GIRLS Interest on savings accounts is usually computed at from 2% to 4% annually, and is payable the first of each January and July. If not drawn when due, the interest or dividend, as it is sometimes called, is added to the deposit. For example: If John deposited $10 Jan. 1, his amount in the bank July 1 would be $10 plus the interest on $10 for 6 months at 4%, or $10.20. Since interest on savings accounts is not computed on parts of a dollar, the interest for the next 6 months would be computed on $10 only. Interest on savings accounts is frequently calculated from the 1st and 15th of each month succeeding the several deposits. Thus, $10 deposited the 1st of any month would draw interest from date; but $10 deposited the 2d of any month would draw interest from the 15th, and money deposited on the 15th would draw interest from the 1st of the next month. Thirty days are reckoned as a month. 1. On Jan. 1, 1907, John deposited $10 in the savings bank at 4% interest. On March 25 he deposited $5. What was John's amount in bank July 1, 1907? $10 prin. Jan. 1, 1907. 253 2)$.40 interest for 1 yr. $5 prin. Mar. 25, 1907. $.20 interest for 1 yr. Interest from April 1st, to July 1,— 4) .20 interest for 1 yr. $10. first deposit. .20 interest on first deposit. 5.00 second deposit. .05 interest on second deposit. $15.25 total amount in bank July 1, 1907. 2. Mary Thompson deposits $5.00 in the American Savings Bank Jan. 1, 1908. March 1, 1908, she makes another deposit of $6. Find total amount in bank Jan. 1, 1908. 3. Frank makes the $10, Feb. 10, 1906, $15. following deposits: Jan. 1, 1906, Find total Jan. 1, 1907. NOTE. Every boy or girl in school should be encouraged to keep a savings bank account, however small. 4. Find the interest July 1, 1907, on a deposit of $100 made July 1, 1906, at 4% interest, payable January 1 and July 1. 5. The total deposits of the pupils in a certain school Jan. 1, 1906, are $395.75. Find the amount of these deposits July 1, 1907, at 4% interest, dividends being payable each January 1 and July 1. 6. Henry's parents put $100 in a savings bank Jan. 1, 1907, at 4% interest, dividends payable each January 1 and July 1. Find the amount of this deposit July 1, 1909. 7. A newsboy put $50 in a savings bank Jan. 1, 1906, and $50 the first of each January and July following. Find the amount in bank July 2, 1908, at 4% interest, dividends payable each January 1 and July 1. 8. The Jackson Street school has in the savings bank $508.70 Jan. 1, 1907, and makes a deposit April 1, 1907, of $230.50. Find the amount of these two deposits July 1, 1908, at 4% interest, dividends payable January 1 and July 1. 9. A school teacher places $30 in a savings bank the first of each month beginning with October and ending with July 1. Find the amount in bank after the last deposit, at 4% interest, dividends payable January 1 and July 1. |