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EXAMPLES.

1. Required the interest 2. What is the interest of $936,21 for 11 weeks, at of $536,11, for 9 weeks, at 6 per cent. per annum ? | 64 per cent. per annum?

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CASE VI. When the given time is days only.

Multiply the principal by the days, and that product by the rate per cent. ; then divide this second product hy 36525*.

* 36500 is used by most writers on this method, on a supposi. tion, that 365 days make one complete year ; but as the yea is nearly 3654 days, instead of annexing two ciphers to the 365, I annex ,25, which makes it 36525, and gives the interest nearer the truth, than 36500 will.

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EXAMPLES. 1. What is the interest 2. What is the amount of dolls. 936,14, for 17 of 572 dols. for 120 days, days, at 6 per cent. per l-at 6 per cent. per annum ? annum ?

572 936,14

120 17

68640 655298

6 93614

36525)411840($11,27,5+ 1591438

36525 6

46590 36525)9548628(82,61,4+

36525 73050 Ans.

100650 224362

73050 219150

276000 52128

255675 36525

203250 156030

182625 146100

20625 9930

11,27,5+ Interest. 572 Principal

$583,27,5+ Ans. 3. What is the interest of 256 dols. from June !, to Sept. 10, inclusive, at 6 per cent. per annum?

Ans. dolls. 4,28,9+ When partial payments have been made, in order to find what is due, proceed as follows, viz. Compute the interest from the time it commences, to the time the payment is made, which including all previous payments, (if any) exceeds the inierest then due ; add this interest to the first principal, and from the amount subtract the payment (or sum of payments) to that time ; the remainder will be a new principal, for which comRute anxi subtract as before, &c*

* This 'has been practised in the Massachusetts courts ok law, as an established rule.

EXAMPLES. 1. A note for 1500 dols. dated July 10, 1806, payable on demand with interest till paid, has the following payments endorsed on it, viz.

Received, March 1, 1807, $50, July 20, 1807, $300, Sept. 1, 1807, $400.

The debtor is ready to pay the balance Jan. 1, 1808 ; how much is then due ?

First principal on interest from July 10, 1806, to July 20, 1807,

$1500 Interest from July 10, 1806, to July 20, 1807, being 1 year and 10 days, for $1500, is

92,50

Amount, 1592,50 Paid Mar.1,1807, $50 less than interest, then due ; July 20, 1807, $300, both these exceed the interest due, when the second payment was made, their sum is 350

Remains a new principal, 1242,50 Interest on $1242,50, from July 20, 1807, to Sept. 1, 1807, being 1 month and 11 days, is

8,49

Amount, 1250,99 Paid Sept. 1, 1807,

400 Remains a new principal, 850,99 Interest on 8850,99 from Sept. 1, 1807, to Jan. 1, 1808, being 4 months,

17,01

Answer, $868,00 -2. How much is due June 1, 1807, on a note for $2000, dated June 1, 1805, on which the following payments are endorsed, viz. Received Sept. 1, 1805, $96, Decem." 10, 1805, $15, April 20, 1806, 836, July 1, 1806, 8200, Jan. 10, 1807, 820, March 25, 1807, $90.

Answer, $1767,48 CASE VII. When the amount, time, and rate per cent. are given, to find the principal.

RULE. As the amount of 1'00 at the rate and time given, is to 100. ; so is the given amount to the prin: pul required.

Nore, This Case proves Case II.

EXAMPLES. 1. How

many

dollars, &c. will amount te $890,81,7,73 in 3 years, at 7 per cent. per annum ? Principal 100 Time

3

300 Rate

7 Interest 21100 Princi. 100100 121 : 100 :: 890,81,7,73

100

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121)89081,7,7300(8736,2 1,3 Aas.

847

438
363

751
726

257 242

157
121

363

36,3 Note 1. This and the two following cases mæy (by some) be thought unnecessary, but it is presumed no instructor will regret the scholar's going through them by way of exercise ; nor will an ambitious scholar be sorry he has studied them.

The advantage derived from variety in studies of this kind, are almost incalculable.

NOTE 2. Instructors are not bound to teach their pupils every rule which a book contains ; the business they will probably follow ought to be a guide to the rules necessary for them to learn.

2. What principal being put to interest 5 years, at 5 per cent. per annuni, will amount to £1170 14 71 900

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