3. What is the interest of $50.24 at 6% for 2 yr. 8 4. What is the interest of $1 for 2 months? days? Rule. For 6 Find the interest on $1 for the given time, and multiply it by the principal, considered as an abstract number. Or, multiply the number of dollars by the number of days, and divide by 6. The quotient will be the interest in mills. 7. $256 for 3 yr. 5 mo. 8. $249.83 for 1 yr. 2 mo. 15 da. 9. $51 for 236 da. 10. $74 for 2 mo. 19 da. 11. $1500 for 1 yr. 3 da. 12. $287.15 for 2 yr. 11 mo. 22 da. Interest at any rate per cent may be found as follows: At 7%, find interest at 6%, and add of itself. At 5%, find interest at 6%, and subtract of itself. of itself. or of itself. of itself. Find the interest and amount of the following: 13. $2350 for 1 yr. 3 mo. 6 da. at 5%. 14. $125.75 for 2 mo. 18 da. at 7%. 15. $950.63 for 3 yr. 17 da. at 41%. 16. $336.48 for 90 da. at 71%. 17. $738.53 for 2 yr. 2 mo. 24 da. at 8%. 19. $867.35 for 1 yr. 3 mo. 27 da. at 9%. 22. $625.57 for 1 yr. 2 mo. 15 da. at 3%. 23. A grocer's bill for $84.36 is paid 8 mo. 12 da. after it becomes due, with interest at 5%. How much is paid? 24. Find the interest at 7% on $37200 for 5 days. 25. A note for $125 was dated March 1, 1894. What was due Aug. 5, 1895, int. at 6% ? 26. Find the amount of $460.50 for 2 yr. 7 mo. 15 da. at 5%. 27. What is the amount of a note for $360 due in 3 mo., interest at 5% ? 278. On short-time notes, it is customary to compute interest for the actual number of days, using the 6% method. Find the amount of: 28. $684.23 from June 5, 1895, to July 23, 1895, at 6%. 29. $846 from Jan. 6 to March 9, 1896, at 5%. 30. $2064.28 from April 13, 1894, to June 3, 1894, at 8%. 31. $1428 from May 12, 1892, to June 9, 1892, at 6%. 32. $324 from April 1, 1896, to June 4, 1896, at 7%. 33. $3500 from Feb. 9, 1895, to March 12, 1896, at 41%. 34. $862.15 from May 25, 1893, to July 22, 1893, at 6%. 35. What is the amount of a note of $384.16 at 6%, given June 11, 1896, and paid Aug. 12, 1896 ? 36. A note of $395.80 dated April 5, 1896, was paid Aug. 4, 1896. What was the amount? 37. On Dec. 9, 1894, John Smith borrowed $484, agreeing to pay interest at 5%. He paid the debt in full on March 3, 1895. What did he pay? 38. What is the amount of $58.24 at 7% from April 23, 1893, to July 22, 1893 ? 39. A bill of $312 with interest at 5% was paid at the end of 90 days. What was the amount? 40. What is the interest of $30000 at 8% for 7 days? 279. Find the interest, using the best method. 280. Find the amount of: 54. $365 from April 1, 1895, to July 5, 1897, at 6%. 55. $250 from July 3, 1891, to April 21, 1893, at 9%. 56. $582 from Sept. 4, 1896, to July 8, 1897, at 8%. 57. $346.18 from May 10, 1893, to March 10, 1895, at 6%. 58. $287 from Jan. 1, 1895, to July 1, 1897, at 41%. 59. $1684 from July 17, 1896, to Sept. 5, 1898, at 7. 60. $2500 from April 16, 1873, to Oct. 11, 1881, at 5%. 61. $186 from Feb. 12, 1896, to March 4, 1896, at 6%. 62. $346 from March 11, 1895, to Feb. 11, 1896, at 6%. EXACT INTEREST. 281. When the time includes days, interest computed by the 6% method is not strictly exact, by reason of using only 30 days for a month, which makes the year only 360 days. The day is therefore reckoned as of a year, whereas it is з of a year. σ Rule. To compute exact interest, find the exact time in days, and consider 1 day's interest as 5 of 1 year's interest. 1. Find the exact interest of $358 for 74 days at 7%. = SOLUTION. - $358 × .07 $25.06, 1 year's interest. 74 days interest is of 1 year's interest. Ans. Find the exact interest of: of $25.06 = $5.08. 2. $324 for 15 d. at 9%. 3. $253 for 98 d. at 4%. 4. $624 for 117 d. at 7%. 5. $153.26 for 256 d. at 51%. 6. $620 from Aug. 15 to Nov. 12 at 6%. 7. $540.25 from June 12 to Sept. 14 at 8%. 8. $7560 for 90 days at 51%. 9. Find the exact interest at 5% on a note dated Jan. 14, 1896, and paid March 31, 1896, for $832. 10. Find the exact interest on $800 for 219 days at 41%. 11. A city treasurer deposits $387,913.56 in the banks at 2% per annum. What interest will the city receive in 5 days? 12. On June 4, 1895, a coal-dealer bought of the D. L. & W. R. R. 235 tons of chestnut coal at $4.10 per ton. At 6% what will be the exact interest on the amount on Jan. 1, 1896? PROBLEMS IN INTEREST. 282. To find the Rate, when Principal, Interest, and Time are given. 1. What is the rate when the interest of $250 for 4 years is $60 ? 1%, $60 must be the interest at as many times 1% as $10 is contained times in $60, which are 6 times. = 6%. Rule. Therefore the rate is 6 times 1% Divide the given interest by the interest of the principal for the given time at 1%. 2. A man borrowed $4625 for 5 yr. 8 mo. 18 da., and paid $1586.37 for the use of it. What was the rate of interest? 3. If $30.44 is paid for the use of $960 for 7 mo. 18 da., what is the rate per cent? 4. At what rate per cent must $1450 be loaned for 4 yr. 5mo. to yield $576.37} ? |