55. What is the interest of $856.47 for 1yr. 9m. 8d. at 7 per cent.? Ans. $106.25. 56. What is the interest of $666.666 for 6yr. 6m. 6d., at 8 per cent? 57. What is the Dec. 20, 1853, at 9 interest of $358.14 from Jan. 18, 1849, to per cent.? 58. What is the interest of $33.45 from Aug. 19, 1853, to June 7, 1855, at 4 per cent.? 59. What is the amount of $500 for 3yr. 7m. 18d. at 3 per cent.? Ans. $554.50. 60. What is the amount of $48.50 for 1yr. 8m. 17d. at 4 per cent.? 61. What is the amount of $166.67 from Sept. 19, 1854, to Nov. 5, 1859, at 10 per cent.? 62. What is the interest of $564.18 for 3yr. 6m. 29d. at 7 per cent.? 63. What is the amount of $1.125 for 16yr. 8m.? 64. What is the interest of $1.125 for 33yr. 4m.? 65. What is the interest of $6666.75 for 2yr. 7m. ? 66. What is the amount of $1000 from Nov. 13, 1816, to May 12, 1841, at 7 per cent.? 67. What is the interest of $1000 from May 12, 1841, to Nov. 13, 1857, at 5 per cent.? 203. To cast interest on Notes when Partial Payments have been made, RULE.-Find the AMOUNT of the principal to the time of the first payment; from this amount subtract the first payment, and the REMAINDER is a NEW PRINCIPAL, with which proceed to the time of the second payment, and so on to the time of settle ment. EXCEPTION. If any payment is less than the interest due, cast the interest on the SAME PRINCIPAL up to the first time when the sum of the payments shall equal or exceed the interest due; then subtract the SUM of the payments from the AMOUNT of the principal. Ex. 1. $525. For value received, I promise to pay John Davis, or order, five hundred and twenty-five dollars, on demand, with interest. Daniel Trusty. Andover, Mass., June 4, 1848. On this note are the following indorsements: - Sept. 9, 1849, $114.20; May 15, 1850, $78.285; Aug. 6, 1851, $244.375; what was due Feb. 9, 1853 ? $525. 3 9.8 13 56 4.8 13 1 1 4.2 0 45 0.6 13 4 6 9.0 88 7 8.2 8 5 39 0.8 03 2 8.7 2 4 4 19.5 27 2 4 4.3 7 5 17 5.1 5 2 1 5.8 5 1 Principal. Ans. $191.003. Int. from June 4, '48, to Sept. 9, '49-1yr. 3m. 5d. 1st Remainder, forming the 2d Principal. 2d Remainder, forming the 3d Principal. 3d Remainder, forming the 4th Principal. Int. from Aug. 6, '51, to Feb. 9, '53—1yr. 6m. 3d. $191.003 Amount due, Feb. 9, 1853, Ans. 2. $896.50. Andover, Nov. 13, 1845. For value received, we jointly and severally promise to pay James Thrifty, or bearer, eight hundred and ninety-six dollars and fifty cents, on demand, with interest. Jacob Principal, INDORSEMENTS: Mar. 13, 1846, $100; Dec. 25, 1846, $25; Sept. 13, 1847, $55.759; Aug. 7, 1848, $42.20; Nov. 19, 1849, $36; Dec. 1, 1850, $50.75; Jan. 16, 1851, $347.33; Apr. 22, 1852, $336; what was due Dec. 30, 1852 ? $89 6.50 17.9 3 91 4.4 3 10 0. 81 4.4 3 7 3.2 9 9 887.7 29 80 6.9 7 9 68.7 67 4 9 2.4 87 5 29.9 16 $20 1.9 31 3. $1000. Principal. Int. from Nov.. 13, '45, to Mar. 13, '46-4m. 1st Remainder, forming the 2d Principal. 2d Remainder, forming the 3d Principal. 3d Remainder, forming the 4th Principal. 4th Remainder, forming the 5th Principal. Andover, June 4, 1850. For value received, we promise to pay S. Farrar, Esq., or order, one thousand dollars, on demand, with interest from date. Higgins & Abbott. INDORSEMENTS:- Sept. 6, 1850, $50; July 14, 1851, $150; Aug. 9, 1852, $25; May 14, 1853, $28; Oct. 15, 1853, $125; Nov. 11, 1853, $75; Nov. 13, 1854, $500; what was due Mar. 26, 1855 ? Ans. $282.583. 4. $756.75. Fitchburg, Mass., Sept. 12, 1851. Four months after date, I promise to pay Thomas Eaton, or bearer, seven hundred and fifty-six dollars and seventy-five cents, with interest, for value received. Benjamin Snow, Jr. INDORSEMENTS: - Sept. 18, 1852, $300.777; Dec. 30, 1853, $300.499; July 12, 1854, $6.566; April 24, 1855, $55.13; what was due Dec. 30, 1855? Ans. $187.38. Boston, Jan. 1, 1851. 5. $500. For value received, I promise to pay A. B. or order, five hundred dollars, in six months, with interest afterwards. C. D. On the above note, $350 were paid, July 1, 1852; what was due Jan. 1, 1853? Ans. $185.40. Andover, July 18, 1849. 6. $3476.875. For value received, I promise to pay Higgins & Abbott, or order, three thousand four hundred and seventy-six dollars, eighty-seven cents and five mills, on demand, with interest. John Flint. INDORSEMENTS-Oct. 6, 1849, $747.56; Jan. 15, 1850, $54.75; April 4, 1851, $47.86; Dec. 18, 1852, $995.46; April 16, 1853, $1000. What was due Aug. 4, 1854? 7. $448.50. Ans. Colchester, June 15, 1854. For value received of Joshua Clark, I promise to pay him, or order, four hundred forty-eight and 15 dollars, on demand, with interest at 7 per cent. Alfred B. Peirce. April 19, 1855, $125; INDORSEMENTS:-) What was due July 204. The rule given in Art. 203 is the one adopted by the United States Courts and most of the State Courts; but, when settlement is made within a year after interest commences, it is customary to adopt the following RULE.-1. Find the amount of the principal from the time when interest commenced to the time of settlement. 2. Find the amount of each payment from the time of payment to the time of settlement. 3. Subtract the sum of the amounts of the payments from the amount of the principal. Ex. 1. $600. Colchester, Ct., Dec. 15, 1852. For value received, I promise to pay Hayward, Burr & Co., or order, six hundred dollars on demand, with interest. Joshua Clark INDORSEMENTS:-Feb. 3, 1853, $200; June 6, 1853, $150; Aug. 9, 1853, $200. What was due Dec. 3, 1853? 34.80 Int. of Prin. from Dec. 15, '52, to Dec. 3,'53—11m. 18d. $634.80 Amount of Principal to Dec. 3, 1853. $210. $200. 1st Payment. 10. Int. of 1st Payment to Dec. 3, '53-10m. Amount of 1st Payment to Dec. 3, 1853. $150. 2d Payment. 4.425 Int. of 2d Payment to Dec. 3, '53— $154.425 Amount of 2d Payment to Dec. 3, 1853. 3.80 Int. of 3d Payment to Dec. 3, '53— 3m. 24d. $203.80 Amount of 3d Payment to Dec. 3, 1853. $568.225 Sum of the Amounts of the 3 Payments. $ 66.575 Sum due Dec. 3, 1853, Ans. 2. $1250.75 East Dennis, Mass., June 4, 1854. For value received, I promise to pay Christopher Sears, or order, twelve hundred fifty and dollars, on demand, with interest. Seth Crowell. INDORSEMENTS:-Dec. 16, 1854, $300; Jan. 1, 1855, $250; Feb. 18, 1855, $400; March 15, 1855, $300. What was due May 15, 1855? Ans. $ 205. In every example in interest there are four elements or particulars which claim special attention, viz., Principal, Rate, Time and Interest, any three of which being given, the other can be found. 206. To find the Interest when the Principal, Rate and Time are given, has, thus far, been the object of our discussion. The other branches of the subject give rise to the following problems :- |