EXAMPLE. What difcount must be allow'd on a bill of 941. 1os. payable in 98 days; rebate being made at 4 per cent. ? EXAMPLE. If 8501. is due at 1 year and 4 months to come, what must be discounted for the prefent payment, if rebate be allowed at 5 per cent. ? N. B. In this laft example I have taken in but two of the circulating decimals, and fo work'd as in common, in order to compare it to the fame done by the rules of repetends which brings it to the exact truth; but if the repeating figures were carried to 6 or 7 places of decimals (tho' more tedious) it would bring it to very near the fame as by obferving the rules of repetends. The laft example work'd by repetends. It is evident by a preceding example, that when discount is allowed for days the operation is long and tedious, and perhaps may be one reafon why tradefmen ufe intereft for difcount; but to remedy this inconveniency we have inferted the following table, which fhews the discount of any fum for any number of days, at 3, 4, 5, 6, &c. per cent. intereft. 4 6 .7 8 9 IO 3 5 797978 1053741 1304631 1550788 17923441 2029427 2262159 2490660 21595957 2107482 2609263 3101577 2584688 4058853 4524318 4981320 32393935 3161222 3913904 4652365 5377032 6088280 6786477 747198 43191914 4214963 5218526 6203153 7169376 8117707 9048636 996264 53989892 5268704 6523157 7753942 8961721101471331131079512453300 64787871 6322445 7827789 93047301075406 512176560135729551494395c 75585849 7376185 913242010855518125464c9 14205987158351141743462c 86383828 8429926 10437052124c630714338753 1623541418097273 1992528c 97181806 948366711741683139570956131097182648402035943222415940 10797978510537408 13046314155078831792344120294267 22621591|24906600 RULE. Multiply the principal fum by the number of days, feek for the product in the table and that will be the difcount required. EXAMPLE. What is the difcount of 160l. for 144 days at 5 per cent. ? 144 160 8640 144 23040 £. s. d. Difcount required 3 0 1.637 Note. By the way, the aforementioned remarks on difcount, naturally leads me to make fome brief constructions upon another erroneous method much after the fame manner, tho' not fo much in ufe, which is in equation of payments. The defign of this rule is, when feveral fums are due at feveral times, to find a mean or equated time for paying the whole debt, fo that neither debtor or creditor may fuftain lofs. Now the customary rule is, to multiply each fum by its refpective time, and add all the products together; then divide the total by the whole debt, and the quotient is called the mean time of paying the whole debt.-But to find the juft mean or equated time of payment, you must first find out the prefent payment of every particular fum in the question payable at a time to come, by rebating at the rate of intereft agreed on; then find in what time the fum of thofe prefent worths will be augmented to the total of all the particular fums payable at times to come according to the first agreement; fo fhall the time found |