S. 10 days=1)5,4 Interest for one month. 7 37,8 ditto for 7 months. Ans. 39,6 shillings £1 19s. 7,2d. 12 7,2 2. What is the interest of 421. 10s. for 11 months, at 6 per cent. ? £. S. £. 42 10 = 42,5 decimal value. Therefore 4,25 shillings interest for 1 month. · Ans. 46,75 Interest for 11 mo. = 2 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 127. 18s. for one third of a month, at 6 per cent.? Ans. 5,16d. II. FOR FEDERAL MONEY. RULE.-1. Divide the principal by 2, placing the separatrix as usual, nd the quotient will be the interest for one month in cents, and decimals of a cent; that is, the figures at the left of the separatrix will be cents, and those on the right, decimals of a cent. 2. Multiply the interest of one month by the given number of months, or months and decimal parts thereof, or for the days take the even parts of a month, & EXAMPLES. 1. What is the interest of 341 dols. 52 cts for 71⁄2 mouths 2)341,52 Or thus, 170,76 Int. for 1 month. 2. Required the interest of 10 dols. 44 cts. for 3 yeas 5 months, and 10 days. 2)10,44 10 days=1) 5,22 interest for 1 month. 41 months. 5,22 208,8 214,02 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? Theis 171 interest for one month. 11 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 $25, 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 the interest of the given time, in cents and docimals of a cont, as above. EXAMPLES. 1. Required the interest of 316 dollars for 1 year and 10 months. 11- the number of mo. Ans. 3476 cts. =$34, 76 cts. 2. What is the interest of 364 dols. 25 cts. for 4 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. EXAMPLES. 1. What is the interest of 325 dols. for 11 months? ,03 9,75 shil. int. for one month X 11 months. Ans 107,25 s. £5 7s. 3d. 1. What is he interest in New-England currency of 31 dols. 68 cts. for 5 months? Principal 31,68 dols. ,03 ,9504 Interest for one month. Ans. 4,7520s.-4s. 9d. 12 IV. When the principal is given in pounds, shillings, &c. New-England currency, at 6 per cent. to find how much 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 decimals of a cent, &c. EXAMPLES. 1. A note for £411 New-England currency has been on interest one month; how much is the interest thereof in fe deral money? £. 411 5 2 3)2055 Ans. 685 cts. $6, 85 cts. 2. Required the interest of 391. 18s. N. E. currency, for Y months? £ 39,9 decimal value. 5 3)199,5 Interest for 1 mo. 66,5 cents. Ditto for 7 mo. 465,5 cts.≈$4, 65 cts. 5 m. Ans. V. When the principal is given in New-England and Vir 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 many cents as the given principal contains shillings, therefore, write down the shil 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, very ncarly. EXAMPLES. 1. What is the interest of 21. 5s. for a year, at 6 per ct.? £2 5s-45s. Interest 45 cts. the Answer. 2. Required the interest of 1007. for a year, at 6 per ct.? £100-2000s. Interest 2000 cts.-$20 Ans. 3. Of 27s. 6d. for a year? Ans. 27s. is 27 cts, and 6d. is 5 m. 4. Required the interest of 5%. 10s. 11d. for a year? £5 10s.=110s. Interest 110 cts.=$1, 10 cts. 0 m. 11 pence.-2 per rule leaves 9= VI. To compute 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 ime. 2. Cast the interest on the several payments, from the time they were paid, to the time of settlement, and find their amount; and lastly leduct the amount of the several payments from the amount of the incipal. EXAMPLES. Suppose a bond or note dated April 17, 1793, was given for 675 dollars, interest at 6 per cent. and there were paynents endorsed upon it as follows, viz. 8 ལས་ First payment, 148 dollars, May 7, 1794. Second payment. 341 dols. August 17, 1796. Third payment, 99 dols. Jan. 2, 1798. I demand how ach remains due on said note, the 17th June, 1798? $cts. Yr. mo. 148, 00 first payment, May 7, 1794. 184, 50 amount 341, 00 second payment, Aug. 17, 1796. Yr. mo. B 37, 51 interest to- -June 17, 1798. =1 378, 51 amount 10 Carried over.] |