Ans. $10, 53 cts.+ Ans. £4,1235=4l. 2s: 5+d.+ 2. What is the interest of 640 dols. 60 cts. for 100 day 4 3. Required the interest of 2501. 17s. for 120 days, at 5 4. Required the interest of 481 dollars 75 cents, for 2 days, at 7 per cent. per annum? at 6 per cent. per annum? per cent per annum? Ans. $2,30 cts. 9m.+ A TABLE, showing the number of Days from any aay of one month, to the same day of any other month. FROM ANY DAY OF Jan. Feb. Mar. Ap'l. May June July Aug. Sept Oct. Nov. Dec. 59 31 July 181 150 122 Oct. 273 242 214 183 153 122 31 365 334 304 273 243 62 31 365 335 304 274 61 Nov. 304 273 246 214 184 153 123 92 Dec. 334 303 275 244 214 183 153 122 91 When interest is to be calculated on cash accounts, &c. where partial payments are made; multiply the several balances into the days they are at interest, then multiply the sum of these products by the rate on the dollar, and divide the last product by 365, and you will have the whole interest due on the account, &c. EXAMPLES. Lent Peter Trusty, per bill on demand, dated 1st of June, 1800, 2000 dollars, of which I received back the 19th of August, 400 dollars; on the 15th of October, 600 dollars; on the 11th of December, 400 dollars; on the 17th of February, 1801, 200 dollars; and on the 1st of June 400 dollars; how much interest is due on the bill, eckoning at 6 per cent.? 1800. dols. days. products. June 1, Principal per bill, 2000 79 158000 400 $cts. m. 365)23316,00(63,879 Ans. = 63 87 9+ The following Rule for computing interest on any note, or obligation, when there are payments in part, or endorsements, was established by the Superior Court of the State of Connecticut, in 1784 RULE. "Compute the interest to the time of the first paj ment if that be one year or more from the time the interest com menced, add it to the principal, and deduct the payment from the sum total. If there be after payments made, compute the interest on the balance due to the next payment, and then deduct the payment as above, and in like manner from one payment to another, till all the payments are absorbed; provided the time between one payment and another be one year or more. But if any payment be made before one year's interest hath accrued, then compute the interest on the principal sum due on the obligation for one year, add it to the principal, and compute the interest or the sum paid, from the time it was paid, up to the end o the year: add it to the sum paid, and deduct that sum from the principal and interest added as above.* "If any payments be made of a less sum than the interes! arisen at the time of such payment, no interest is to be com puted but only on the principal sum for any period.” Kirby's Reports, page 49. EXAMPLES. A bond, or note, dated January 4th, 1797, was given for 1000 dollars, interest at 6 per cent. and there were pay ments endorsed upon it as follows, viz. 1st payment February 19, 1798, 2d payment June 29, 1799, 3d payment November 14, 1799, $ 200 500 260 I demand how much remains due on said note the 24th of December, 1800? 1000,00 dated January 4, 1797. 67,50 interest to February 19, 1798-13 months. 1067,50 amount. [Carried up.] *If a year does not exterd beyond the time of final settlement; but if at does, then find the amount of the principal sum due on the obligation, up to the time of settlement, and likewise find the amount of the sum paid, from the time it was paid, up to the time of the final settlement, and deduct this amount from the amount of the principal. But if there be several payments made within the said time, find the amount of the several payments, from the time they were paid, to the time of settlement, and deduct their amount from the amount of the princina 1067,50 amount. [Brought up. tin 200,00 first payment deducted. 867,50 balance due, Feb. 19, 1798. 70,845 interest to June 29, 1799=16} months. 938,345 amount. 500,000 second payment deducted. 438,345 balance due June 29, 1799. 26,30 interest for one year. 464,645 amount for one year. 269,750 amount of third payment for 74 months.* 194,895 balance due June 29, 1800. 5,687 interest to December 24, 1800. mo. da. 5 25 200,579 balance due on the Note, Dec. 24, 1800. RULE II. tablished by the Courts of Law in Massachusetts for computing interest on notes, &c. on which partial paynents have been endorsed. Compute the interest on the principal sum, from the when the interest commenced to the first time when a p..yment was made, which exceeds either alone or in conjunction with the preceding payment (if any) the interest at that time due: add that interest to the principal, and from the sum subtract the payment made at that time, together with the preceding payments (if any) and the remainder forms a new principal; on which compute ard subtract the payments as upon the first principal, and proceed in this manner to the time of final settlement." $ cts. *260,00 third payment with its interest from the time it was paid, up to 9,75 the end of the year, or from Nov. 14, 1799, to June 29, 1800, which is 7 and 1-2 months. 269,75 amount. Let the foregoing example be solved by this Rule. A note for 1000 dols. dated Jan. 4, 1797, at 6 per cent. 1st payment February 19, 1798, 2d payment June 29, 1799, $200 500 260 How much remains due on said note the 24th of Decem 3d payment November 14, 1799, ber, 1800? $cts. Principal, January 4, 1797, 1000,00 Interest to February 19, 1798, (13¦ mo.) 67,50 Remains for a new principal, 438,34 Interest to November 14, 1799, (41⁄2 mo.) 9,86 Amount, 448,20 November 14, 1799, paid 260,00 Remains for a new principal, 188,20 Interest to December 24, 1800, (131⁄2 mo.) 12,70 Balance due on said note, Dec. 24, 1800, 200,90 $ cts. تر Another Example in Rule II. A bond or note, dated February 1, 1800, was given for 500 dollars, interest at 6 per cent. and there were payments endorsed upon it as follows, viz. 1st payment May 1, 1800, 2d payment November 14, 1800 $ cts. 40,00 8,00 |