the principal, and point of in the product as many decimals as there are in both factors ; the first two figures at the right of the separatrix are cents, and the third is mills. Note. If any other per cent. is required, proceed as before, and then divide the product by 6, and multiply the quotient by the rate required. The same result will be obtained if we multiply by the required rate, and divide the product by 6. 1. What is the interest of $ 57.50 for 10 months and 24 Ans. $ 3.105. OPERATION. 57.50 We multiply by .054, because .05 .054 is the rate per cent. for 10 months ; 23 000 and we annex the 4, because 4 is } 287 50 of the 24 days. 3.1 0 5 0 0 2. What is the interest of $ 178.75 for 17 months 17 days at 7 per cent. ? Ans. $ 18.31. days? OPERATION. 178.75 .0876 14895 7 18.3 1 690 3. What is the interest of $ 761.75 for 14 months and 18 days? Ans. $ 55.60. 4. What is the interest of $ 1728.19 for 17 months and 10 days? Ans. $ 149.77. 5. What is the interest of $88.96 for 16 months 6 days ? Ans. $ 7.20. 6. What is the interest of $ 107.50 for 1 month 29 days? Ans. $1.05. 17. What is the interest of $ 87.25 for 20 months 5 days? Ans. $8.79. 8. What is the interest of $ 73.16 for 19 months 23 days? Ans. $7.-3. K 9. What is the interest of $1.71 for 24 months 2 days ? Ans. $ 0.20. 10. Required the interest of $ 100 for 100 months 1 day. Ans. $ 50.01. 11. Required the interest of three dollars and five cents for 2 months and 2 days. Ans. $ 0.03. IV. When the interest is required on any sum, from a certain day of the month in a year, to a particular day of a month in the same, or in another year, we adopt the following RULE. Find the time by placing the latest date in the upper line, and the earliest date under it. Let the year be placed first ; and the number of months that have elapsed since the year commenced annexed at the right hand, and the day of the month next; then subtract the earlier from the later date, and the remainder is the time, for which the interest is required. Then proceed as in the last rule. NOTE. Some Arithmeticians prefer reckoning the months by their ordinal number, as in operation 2d. 1. What is the interest of $ 172.50, from Sept. 25, 1840, to July 9, 1842 ? Ans. $ 18.51.5. OPERATION Ist. OPERATION 2d. da. Y. 1842 6 9 18 4 2 7 9 1840 8 25 1840 9 25 1 9 14 1 9 14 Y. mo. mo. da. $17 2.50 It will be perceived, that the 1.074 result in finding the time is the 120 750 same in operation 2d, as in ope17250 ration Ist. 5750 18.5 1 500 2. What is the interest of $ 169.75, from Dec. 10, 1838, to May 5, 1841 ? Ans. $ 24.47. 3. What is the interest of $ 17.18, from July 29, 1837, to Sept. 1, 1841 ? Ans. $ 4.21. 4. What is the interest of $67.07, from April 7, 1839, to Dec. 11, 1841 ? Ans. $ 10.77. 5. Required the interest of $117.75, from Jan. 7, 1839, to Dec. 19, 1841. Ans. $ 20.84. 6. Required the interest of $ 847.15, from Oct. 9, 1839, to Jan. 11, 1843. Ans. $ 165.47. 7. Required the interest of $ 7.18, from March 1, 1841, to Feb. 11, 1842. Ans. $ 0.40. 8. What is the interest of $ 976.18, from May 29, 1842, to Nov. 25, 1845 ? Ans. $ 204.34. 9. I have John Smith's note for $ 144, dated July 25, 1839 ; what is due March 9, 1842 ? Ans. $ 166.65. 10. L. Johnson has J. Kimball's note, dated June 4, 1841, for $ 123 ; what is due to Johnson Dec. 7, 1843 ? Ans. $ 141.51. 11. George Cogswell has two notes against J. Doe; the first is for $ 375.83, and is dated Jan. 19, 1840 ; the other is for $ 76.19, dated April 23, 1841 ; what is the amount of both notes Jan. 1, 1842 ? Ans. $ 499.14. 12. What is the interest of $ 68.19, at 7 per cent., from June 5, 1840, to June 11, 1841 ? Ans. $ 4.85. 13. Required the amount of $79.15, from Feb. 17, 1839, to Dec. 30, 1842, at 74 per cent. Ans. $ 102.11. 14. What is the amount of $ 89.96, from June 19, 1840, to Dec. 9, 1841, at 84 per cent. Ans. $ 100.88. 15. A. Atwood has J. Smith's note for $ 325, dated June 5, 1839; what is due at 74 per cent., July 4, 1841 ? Ans. $ 374.02. 16. J. Ayer has D. How's note for $ 1723, dated Dec. 29, 1839; what is the amount Oct. 9, 1842, at 9 per cent. ? Ans. $ 2160.00. 17. What is the interest of $ 976.18, from Jan. 29, 1841, to July 4, 1842, at 12 per cent. ? Ans. $ 167.57. 18. What is the interest of $ 176:17, from June 19, 1839, to Sept. 7, 1843, at 94 per cent. ? Ans. $ 72.42. 19. What is the amount of J. Turner's note for $87.25, dated June 1, 1841, to Dec. 17, 1843, at 5 per cent. ? Ans. $ 98.35. 20. What is the amount of $379.78, from Dec. 3, 1808, to August 23, 1847, at 7 per cent. ? Ans. $ 1519.48. Section 34. PARTIAL PAYMENTS. I. When notes are paid within one year from the time they become due, it has been the usual custom to find the amount of the principal from the time it became due until the time of payment, and to find the amount of each indorsement from the time it was paid until settlement, and to subtract their sum from the amount of the principal. 1. $ 1234. Boston, Jan. 1, 1843. For value received, I promise to pay John Smith, or order, on demand, one thousand two hundred thirty-four dollars, with interest. John Y. Jones. Attest, Samuel Emerson. On this note are the following indorsements. March 1, 1843. Received ninety-eight dollars. June 7, 1843. Received five hundred dollars. Sept. 25, 1843. Received two hundred ninety dollars. Dec. 8, 1843. Received one hundred dollars. What remains due at the time of payment, Jan. 1, 1844 ? Ans. $293.12. Principal $ 1234.00 Interest for one year. 74.04 Amount 1308.04 First payment $98.00 Interest for 10 months 4.90 Second payment 500.00 Interest for 6 months 24 days 17.00 Third payment 290.00 Interest for 3 months 6 days 4.64 Fourth payment 100.00 Interest for 23 days 38 1014.92 Balance, remains due, Jan. 1, 1844 $ 293.12 2. $ 876.50. Boston, Sept. 25, 1842. For value received, I promise to pay James Savage, or order, on demand, eight hundred seventy-six dollars fifty cents, with interest. Savage James. Attest, John True. On this note are the following indorsements. Dec. 6, 1842. Received ninety-seven dollars. Jan. 1, 1843. Received two hundred sixty-five dollars. March 11, 1843. Received one hundred seventy dollars. July 4, 1843. Received seventy-nine dollars. What remains due Aug. 6, 1843 ? Ans. $293.04. to pay 3. $987.75. Danvers, Jan. 11, 1842. For value received, we jointly and severally promise Fitch Pool, or order, on demand two months from date, nine hundred eighty-seven dollars seventy-five cents, with interest after two months. John T. Johnson. Attest, Isaiah Webster. Samuel Jones. On this note are the following indorsements. May 1, 1842. Received three hundred dollars. June 5, 1842. Received four hundred dollars. Sept. 25, 1842. Received one hundred and fifty dollars. What is due Dec. 13, 1842 ? Ans. $ 156.94. 4. $ 800. Bradford, July 4, 1842. For value received, I promise to pay Leonard Johnson, or order, on demand, eight hundred dollars, with interest. Samuel Neverpay. Attest, Enoch True. On this note are the following indorsements. Aug. 10, 1842. Received one hundred forty-four dollars. Nov. 1, 1842. Received ninety dollars. Jan. 1, 1843. Received four hundred dollars. March 4, 1843. Received one hundred dollars. What remains due June 1, 1843 ? Ans. $ 88.02. |