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2. What is the interest of 421. 10s. for 11 months, x 6
per cent. ?
£. $. £.
3. Required the interest of 941. 7s. 6d. for one year, five months and a half, at 6 per cent. per annum?
Ans. £8 5s. Id. 3,5qrs.
4. What is the interest of 121. 188. for one third of a month, at 6 per cent. ?
II. FOR FEDERAL MONEY.
RULE.-1. Divide the principal by 2, placing the separatrix as usual, and the quotient will be the interest for one month in cents, and deci. mats of a cent; that is, the figures at the left of the separatrix will bo cents, and those on the right, decimals of a cent.
2. Multiply the interest of one month by tho given number of months, or months and decimal parts thereof, or for the days tako the even parts of a month,
EXAMPLES. 1. What is the interest of 311 dols. 52 cts for 7 mouths 2)341,52
Or thus, 170,76 Init. for 1 month. *** 170,76 Int. for 1 month. x7,5 months. 71
85:380 1195,32 do. for 7 mo. 119532 85,38 do. for į mo.
$ cts. m.
1280,700cts. = 12,80 7 1280,70 Ans. 1280,7cts.=$12, 80cts. 7m.
2. Required the interest of 10 duls. 44 cts. for 3 years 5 months, and 10 days.
214,02 ditto for 41 months.
1,74 ditto for 10 days.
215,76 cts. Ans. =$2, 15 cts. 7 m. + 3. What is the interest of 342 dollars for 11 months ?
. The } is 171 interest for one month.
Ans. 1881 cts.=$18, 81 cts. Note.--To find the interest of any sum for two months, at 6 per cent. you need only call the dollars so many cents, and the inferior denominations decimals of a cent, and it is done: Thus, the interest of 100 dollars for two months, is 100 cents, or one dollar; and 325, 40 cts. is 25 cts. 4 m. &c. which gives the following
Rule II.-Multiply the principal by half the number of months, and the product will show tho interest of the given time, in cents and docimals of a cont, as abovo.
1. Required the interest of 316 dollars for 1 year and 10 sonths.
11= the number of mo. Ans. 3476 cts, =$34, 76 cts.
2. What is the interest of 364 dols. 25 cts. for 4 months
$ cts. 364, 25.
2 half the months.
III. When the principal is given in federal money, at 6 er cent. to find how much the monthly interest will be in New-England, &c. currency.
Rule.-Multiply the given principal by ,03, and the product will be he interest for one month, in shillings and decimal parts of a shilling.
1. What is the interest of 325 dols. for 11 inonths ?
9,75 shil. int. for one month
Ans 107,25 5.=£5 7s. 3d. 1. What is whe interest in New-England currency of 31 Hols. 68 cts. for 5 months ?
Principal 31,68 dols.
IV. When the principal is given in pounds, shillings, &c. New-England currency, at 6 per cent. to find how mueh the monthly interest will be in federal money. .
Rule.—Multiply the pounds, &c, by 5, and divide that product by 3, the quotient will be the interest for one month, in cents, and deci. mals of a cent, &c.
1. A note for £411 New-England currency has been op interest one month; how much is the interest thereof in fe. deral money?
Ans. 685 cts,=$6, 85 cts. 2. Required the interest of 391. 18s. N. E. currency, un months ?
39,9 recimal value.
V. When the principal is given in New-England and Vis ginia currency, at 6 per cent. to find the interest for a year, in dollars, cents, and mills, by inspection.
Rule.-Since the interest of a year will be just so wany cents as the given principal contains shillings, therefore, write Guwn the shils lings and call them cents, and the pence in the principal made less by 1 if they exceed 3, or by 2 when they exceed 9, will be the mills, vory ncarly.
EXAMPLES 1. What is the interest of 21. 55. for a year, at 6 per ct. ?
£2 5s=15s. Interest 45 cts. the Answer. 2. Required the interest of 1001. for a year, at 6 per ct. ?
£100=2000s. Interest 2000 cts.=$20 Ans. 3. Of 27s. 6d. for it year?
Ans. 27s. is 27 cts, and I do is 5 m. 4. Required the interest of 51. 10s. 11d. for a year ?
- £5 10s.=110s. Interest 110 cts.=$1, 10 cts. O m. Il pence.—per rule. Icaves I=
Ans. $1, 10 9
VI. To coinpute the interest on any note or obligation, when there are payments in part, or endorsements.
Rule.-1. Find the amount of the whole principal for the whole inne.
2. Cast the interest on the several payments, froin the time ther vcre paid, to the time of settlement, and find their amount; and lastly leduct the amount of the several payments from the amount of tho incipal.
EXAMPLES. Suppose a bond or note dated April 17, 1793, was given por 675 dollars, interest at 6 per cent, and there were paynents endorsed upon it os follows, viz..
l'irst payment, 143 dollars, May-7, 1794. Second payment. 341 dols. August 17, 1796.
Third payment, 99 dols. Jan. 2, 1798. I demand how nach remains duc on said note, the 17th June, 1798? - $ cts.
148, 00 first payment, May 7, 1794. Yr. mo.
36, 50 interest up to June 17, 1798.34 11
341, 00 second payment, Aug. 17, 1796. Yr. mo. as, 37, 51 interest to June 17, 1798. = 10
Ti 378, 51 amount.