49. What is the interest of $36.40 from August 10, 1847, to September 8, 1849?

50. What is the interest of $760.30 from October 8, 1846, to November 5, 1848 ?

51. What is the amount of $470.90 from May 6, 1844, to April 9, 1846?

52. What is the amount of $48.64 from March 1, 1846, to February 28, 1848?

53. What is the amount of $276 from January 1, 1848, to December 30, 1849?

54. What is the amount of $8650 from January 4, 1844, to September 6, 1847, at 5 per cent. ?

55. What is the interest of $96.50 from February 7, 1843, to July 21, 1850, at 63 per cent. ?

56. What is the interest of $84.60 from June 1, 1847, to May 29, 1849?

174. Interest may also be computed by the follow ing rule:

RULE. Multiply the principal by the rate per cent., and the product will be the interest for 1 year; and multiply this product by the number of years for which the interest is required.

For months, take such a fractional part of the interest for one year as is denoted by the number of months.

For days, take such a fractional part of the interest for one month as is denoted by the number of days.

OBS. Some accountants find the greatest number of whole months between the two dates, and the remaining time is reckoned in days, allowing as many days for each month as there are in each calendar month. Thus from January 15 to June 6 there are 4 months and 22 days. From January 15 to May 15 there are 4 months; allowing 31 days in May, there are 16 days remaining, which, added to the 6 in June, make 22 days.

What is the second rule for casting interest?

L

57. What is the amount of $764.20 for 4 years, 5 months, and 8 days?

OBS. 1. Great care must be used in pointing off the decimals, and in writing dollars under dollars, cents under cents, &c.

OBS. 2. When the per cent. is not specified, it is always considered to be 6 per cent.

EXAMPLES.

58. What is the interest of $456.84 for 7 years, 7 months, and 5 days?

59. What is the interest of $78.50 for 6 years, 9 months, and 12 days?.

60. What is the interest of $96.60 for 5 years, 3 months, and 25 days?

61. What is the interest of $8735.69 for 11 years, 7 months, and 27 days?

175. RULE. To find the interest on pounds, shillings, pence, and farthings, first reduce the shillings to the decimal of a pound, and proceed as in federal

money.

What is the rule for finding the interest on pounds, shillings, pence, and farthings?

EXAMPLES.

62. What is the interest of £25, 6 s. 11 d. for 2 years, 7 months, and 10 days?

63. What is the interest of £33, 11s. 4 d. for 3 years, 7 months, and 18 days?

64. What is the amount of £121, 15 s. 9 d. for 4 years, 9 months, and 13 days?

65. What is the amount of £130, 19 s. 61 d. for 1 year, 11 months, and 25 days?

66. What is the interest on a note of six hundred and seventy-five dollars and fifty cents from May 4, 1844, to February 14, 1846 ?

67. What is the interest on a note of three hundred and forty-eight dollars and thirty cents from November 17, 1843, to September 12, 1846 ?

68. What is the interest on a note of fifty-seven dollars and sixty-four cents from November 16, 1843, to April 6, 1846, at 7 per cent. ?

69. What is the amount due on a note of two hundred and forty-three dollars and twenty-nine cents from October 4, 1842, to March 18, 1845, at 5 per cent. ?

70. What is the amount due on a note of four hundred and fifteen dollars and twenty cents from August 5, 1846, to January 24, 1849, at 7 per cent. ?

71. What is the interest on a note of one hundred and eighteen dollars and twenty cents from February 28, 1844, to July 17, 1847, at 7 per cent. ?

72. What is the interest on a note of seventy-six dollars and forty-four cents from June 12, 1845, to October 16, 1847?

73. What is the amount of a note of thirty-four dollars and ninety cents from October 4, 1843, to December 15, 1847?

74. What is the amount of a note of ninety-six dollars and forty cents from August 10, 1845, to July 15, 1848 ?

PARTIAL PAYMENTS.

176. The following rule has been adopted by the Supreme Court of the United States, and by many of the states, for computing interest on bonds and notes. when partial payments have been endorsed on them:

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 exceeds the interest, the surplus goes towards discharging the principal, and the subsequent interest is to be computed on the balance of principal remaining due.

"If the payment be less than the interest, the surplus 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."

$400.

PROVIDENCE, April 12, 1840. 75. For value received, I promise to pay to James Fenner, or order, four hundred dollars, on demand, with interest. ALFRED BLODGET.

On this note were received the following endorse

ments:

March 4, 1842, received forty-five dollars.
May 10, 1843, received sixty dollars.

June 6, 1845, received ninety dollars.

What was due January 12, 1847?

What is the rule for casting interest when partial payments are

made?

Principal,

Interest to 1st payment, (22 m. 22 d.)

!

Payment being less than the interest, interest to the 2d payment, on same principal,

$400

45.466

(14 m. 6 d.)

28.400

Amount to 2d payment,

473.866

Sum of both payments, 45+60=

105.000

368.866

Interest to the next payment, (24 m. 26 d.)

45.862

414.728

Last payment,

90.000

324.728

Interest to January 12, 1847, (18 m. 6 d.)

31.173

$355.901

Balance remaining due January 12, 1847,

$600.75.

NEW YORK, May 4, 1840. 76. For value received, I promise to pay to James. Cunningham, or order, six hundred dollars and seventyfive cents, on demand, with interest.

BENJAMIN TUCKER.

On this note were endorsed the following pay

ments:

Oct. 6, 1841, received sixty-four dollars.

July 8, 1842, received forty-eight dollars and fifty

cents.

Nov. 20, 1844, received two hundred dollars and sixty cents

What was due May 10, 1846?

$565.90.

BUFFALO, June 12, 1840.

77. For value received, I promise to pay William Bliss, or order, five hundred and sixty-five dollars and ninety cents, on demand, with interest.

L*

GEORGE PACKARD.