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When no rate per cent. is named, the legal rate where the business is transacted, is understood.

The legal rate of Int. in Louisiana is

NOTE. 5 per cent.; In N. York, S. Carolina, Michigan, Wisconsin, and Iowa, 7 per cent.; In Georgia, Alabama, Mississippi, Florida, and Texas, 8 per cent.; In the rest of the States, and in the U. S. Courts,

CASE 1.

per cent.

ART. 220. To find the interest on any principal, at any rate per cent. for one or more years.

1. Find the interest of $25 for 1 yr., at 6 %.

SOLUTION. Since 6 per cent. is 18.06, it is only necessary, as in Percentage, Art. 210, to multiply the principal by the rate expressed decimally, and the product will be the Int. for 1 yr.

OPERATION.

$25

.06

Ans. $1.50

Or, thus: Six per cent. is $6 on $100, or 6 cents on $1. Hence, if the interest on $1 is 6 cts. $.06, the interest on $25, for the same time, will be 25 times as much; 25 X $.06 = $1.50 Ans.

2. Find the interest of $50 for 3 yr., at 7 %.

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Rule for Case I.-1. Multiply the principal by the rate per cent. expressed decimally; the product will be the interest for one year.

REVIEW.-219. REM. 1. What is the distinction between interest and commission? 2. What does rate per cent. in interest always mean?

219. What is legal interest? What is usury? When no rate is named, what is understood? NOTE. In what State is the legal rate of interest 5 per cent.? In what 7 per cent.? In what 8 per cent.? In what 6 per cent.?

2. Multiply the interest for one year by the given number of years; the product will be the Int. required.

3. To find the amount, add the principal to the interest.

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10. Find the amount of $225.18 for 3 yr., at 41 %.

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REVIEW.-220. What is Case 1? How find the interest on any prin

cipal, at any rate, for one or more years, Rule for Case 1?

18. $325.00 for 3 years, at 53% ? 19. $129.36 for 4 years, at 43 % ?

CASE II.

Ans. $377.65

Ans. $151.998

ART. 221. To find the interest of any principal, at any rate per cent., for any number of months, or days.

1. Find the interest of $300 for 1 mon.,

SOLUTION. Since 1 mon. is

of a yr., the Int. for 1 mon. is1⁄2

of the Int. for a yr.

But the Int.

of $300 for 1 yr. is $18.00, and 12

of this is $1.50 Ans.

at 6%.

$300 OPERATION.

.06

12)18.00=Int. for 1 yr.

$1.50 Int. for 1 mon.

*2. The Int. of $240 for 2 mòn., at 8%. Ans. $3.20

On this principle, the Int. for 3 mon. is 31 the Int. for a yr.; for 4 mon. it is for 5 mon., &c.

3. Find the interest of $288 for 1 day, at 5 %.

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*4. The Int. of $360 for 2 days, at 6 %.

On the same principle, the interest for 3 da. is for 1 mon.; for 4 da. it is 2; for 5 da., it is for 7 da., 6

30

30'

30

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30

Int. for 1 day.

Ans. $0.12

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Rule for Case II.-Find the interest of the given sum for one year, (Art. 210).

To find the Int. for any number of months, take such a part of this, as the given number of months is part of a year.

To find the Int. for any number of days, take such a part of the Int. for 1 mon., as the days are part of a month.

5. Find the interest of $50 for 5 mon., at 6 %.

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To find the Int. for da., take aliquot parts of the Int. for 1 mon.; or, multiply by the number of da., and divide by 30.

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REVIEW.-221. How find the interest of any sum for any number of months, Rule for Case II? For any number of days?

ART. 222.

1. For one year.

expressed decimally.

GENERAL RULE FOR INTEREST.

Multiply the Principal by the rate per cent.,

2. For more years than one. Multiply the Interest for 1 year by the number of years.

3. For months. Take such part of the Interest for 1 year, as the number of months is part of one year.

4. For days. Take such part of the Int. for 1 month, as the number of days is part of one month.

5. For years, months, and days, or for any two of these periods. Find the Int. for each period, and add the results. 6. To find the amount. Add the Principal to the Int.

Or, by PROPORTION. As 100 is to the rate per cent., so is the Principal to the Int. for 1 yr. Then, As 1 yr. is to the given time, so is the Int. for 1 yr. to the Int. for the given time.

NOTE.-In computing Int., regard 30 days 1 month, and 12 months, 1 year. Custom has made this lawful.

1. Find the interest of $360 for 2 yr., 7 mon. 25 da., at 8%, per annum.

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2.

36X4

5 360 5

$28.80

360: 955 :: $28.80 3601955 191 72 28.80 .40 191X.40 $76.40 Ans.

The operation may be further shortened by writing the proportions together, and canceling.

$350.00 for 7 yr. 3 mon., at 4%? 3. $150.00 for 4 yr. 2 mon., at 6%?

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ANSWERS.

$101.50 $ 37.50

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