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first find the time for which the note has been on interest, by subtracting the earlier from the luter date ; (Art. 170. Obs. 2 ;) then cast the interest on the face of the note for the time, by either of the preceding methods. (Arts. 241, 247.)

13. What is the interest of $300 for 4 months and 18 days, at 7 per cent. ?

Operation.
$300 Prin.
.023 Int. of $1 for

The required rate is 1 the time.

per cent. more than 6 per 900

cent. ; we therefore find the 6 00

interest at 6 per cent., and 6)$6.900=Int. at 6 perct. add of it to itself.

1 150=of 6 per cent. Ans. $8.050

Int. at 7 perct. 14. At 5 per cent., what is the interest of $256.25 for 9 months and 15 days ?

15. What is the interest of $450 from Jan. 1st, 1844, to March 13th, 1845, at 6 per cent. ? Operation.

$450 Principal.
Yr.
d.

.072 Int. of $1 for the time. 1845 3 13

900 1844 11 1

31 50 Time 1 1 2 12

$32.400 Ans.

mo.

EXAMPLES FOR PRACTICE.

1. What is the interest of $45.25 for 8 months, at 6

per cent. ?

2. What is the interest of $167.375 for 6 months, at 6 per cent. ?

3. What is the interest of 93.86 for 3 months and 15 days, at 6 per cent. ?

4. What is the interest of $110 for 1 month and 20 days, at 6

per cent. ? 5. At 7 per cent., what is the interest of $158.91 for 1 year

and 3 months ?

6. At 7 per cent., what is the amount of $217 for 1 year and 8 months ?

7. At 6 per cent., what is the amount of $348.10 for 2 years

and 1 month ? 8. At 7 per cent., what is the interest of $400 for 1 year and 6 months?

At 7 per cent., what is the amount of 213.01 for 9 months ?

10. At 5 per cent., what is the amount of $603 for 2 years and 5 months ?

11. What is the amount of $861 for 8 months and 24 days, at 6 per cent. ?

12. What is the amount of $1236 for 3 months and 14 days, at 7 per cent. ?

13. What is the interest of $1400 for 1 year, 1 month, and 9 days, at 7 per cent. ?

14. What is the interest of $469.20 for 27 days, at 8

per cent. ?

15. What is the amount of $705 for 5 years, at 9 per cent. ?

16. What is the amount of $1000 for 10 years, at 5

per cent. ?

17. What is the amount of $1650.06 for 20 years, at 7 per cent. ?

18. What is the amount of $2500 for 7 years, at 15 per cent. ?

19. At 43 per cent., what is the interest of $17000 for 11 years ?

20. At 74 per cent., what is the interest of $1625.81 for 45 days?

21. At 12) per cent., what is the amount of $165.13 for 33 days?

22. At 7 per cent., what is the amount of $8531 for 63 days?

23. At 6 per cent., what is the amount of $16021 for 93 days?

24. What is the interest on a note of $65, dated Jan. 10th, 1844, to May 16th, 1845, at 6 per cent. ?

25. What is the interest of $170 from June 19th, 1840, to July 1st, 1841, at 7 per cent ?

26. What is the interest of $105.63 from Feb. 22d, 1839, to Aug. 10th, 1840, at 5 per cent. ?

27. What is the interest of $234 from April 10th, 1834, to Oct. 1st, 1835, at 6 per cent. ?

28. What is the interest of $195.22 from June 25th, 1838, to March 31st, 1840, at 6 per cent. ?

29. What is the interest of $391 from Sept. 1st, 1840, to Nov. 30th, 1841, at 8 per cent.?

30. What is the interest of $510.83 from March 21st, 1842, to Dec. 30th, 1842, at 7 per cent. ?

31. At 6 per cent., what is the interest of $469.65 from August 10th, 1843, to Feb. 6th, 1844 ?

32. At 7 per cent., what is the amount due on a note of $285, dated March 15th, 1841, and payable Sept. 18th, 1845 ?

33. At 6 per cent., what is the amount due on a note of $391, dated Oct. 9th, 1844, and payable March 1st, 1845?

34. At 5 per cent., what is the amount of $623 from Feb. 19th, 1844, to Aug. 10th, 1845 ?

35. At 4 per cent., what is the amount of $589.20 from Jan. 10th, 1844, to Jan. 13th, 1845?

36. At 4 per cent., what is the amount of $731.27 from July 1st, 1844, to April 4th, 1845 ?

37. What is the interest of $849 from July 4th, 1841, to July 7th, 1845, at 6 per cent. ?

38. What is the interest of $966 from Jan. 1st, 1842, to March 20th, 1844, at 7 per cent. ?

39. What is the interest of 1539 from May 21st, 1842, to Aug. 19th, 1843, at 6 per cent. ?

40. What is the amount of $1100 from June 15th, 1840, to Aug. 3d, 1845, at 5 per cent. ?

41. What is the amount of $1 for 50 years, at 6 per ct. ? At 7 per cent. ?

42. What is the amount of 1 cent for 500 years, at 7

per cent. ?

PARTIAL PAYMENTS.

248. When partial payments are made and endorsed upon Notes and Bonds, the rule for computing the interest adopted by the Supreme Court of the United States, is the following.

I. 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.

II. If the payment exceeds the interest, the surplus goes towards discharging the principal, and the subsequent interest is to be computed on the balance of principal remain

ing due.

III. 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, 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.

Note.—The above rule is adopted by Massachusetts, New York, and the other States of the Union, with but few exceptions. It is given in the language of the distinguished Chancellor Kent.-Johnson's Chancery Reports, Vol. I. p. 17.

$850.

New Haven, Jan. 1st, 1841. 43. For value received, I promise to pay George Howland, or order, eight hundred and fifty dollars, on demand, with interest at 6 per cent.

John Hamilton.

The following payments were endorsed on this note :

July 1st, 1841, received $100.62.
Dec. 1st, 1841, received $15.28.

Aug. 13th, 1842, received $175.75.
What was due on taking up the note, Jan. 1st, 1843 ?

Quest.--248. What is the general method of casting interest on Notes and Bonds, when partial payments have been made ?

}

Operation. Principal,

$ 850.00 Interest to first payment, July 1st, (6 months) 25.50 Amount due on note July 1st,

$875.50. 1st payment, (to be deducted from amount,) 100.62 Balance due July 1st,

$774.88 Int. on Bal. to 2d pay't Dec. 1st, (5 mo.,) $19.37 2d pay't (which is less than the inter

15.28 est then due,) Surplus interest unpaid Dec. 1st, $4.09

32.54 36.63 1842, to Aug. 13th, (8 mo. 12 d.,) Amount due Aug. 13th,

$811.51 3d payment (being greater than the interest

175.75 now due) is to be deducted from the am't. S Balance due Aug. 13th,

$635.76 Int. on Bal. to Jan. 1st, (4 mo. 18 d.,)

14.62 Balance due on taking up the note, Jan. 1.1843, $650.38

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$500.

New YORK, May 10th, 1842. 44. For value received, I promise to pay James Monroe, or order, five hundred dollars on demand, with interest at 7 per cent.

HENRY SMITH.

The following sums were endorsed upon it:

Received, Nov. 10th, 1812, $75.

Received, March 220, 1843, $100.
What was due on taking up the note, Sept. 28th, 1843 ?

$692.35.

Boston, Aug. 15th, 1843. 45. Three months after date, I promise to pay John Warren, or order, six hundred and ninety-two dollars and thirty-five cents, with interest at 6 per cent., value received.

SAMUEL JOHNSON.

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