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4. What is the compound interest of $365 for 2 yr. mo. 18 da. at 6%, compounded semi-annually?

5. What is the compound interest on $640 for 4 years at 5% ?

6. What is the interest, compounded quarterly, on $538.25 for 2 yr. 6 mo., rate 4% ?

7. What is the interest, compounded annually, on $683.48 for 4 years at 6%?

8. What is the compound interest on $437.50, 3 yr. 6 mo., at 5%, compounded semi-annually?

REVIEW OF INTEREST

299. 1. What is simple interest? Compound interest? A promissory note? A negotiable note?

2. Define payee, holder, signer or maker.

3. Describe two common methods of computing interest. 4. Prove that, at 6%, 6 cents is the interest on $1 for 1 year.

5. Prove that 5 mills is the interest on $1 for 1 month. 6. Prove that mill is the interest on $1 for 1 day. 7. Why is interest not accurate when computed by the 6% method?

8. Find the interest on $50000 for 252 days by the 6% method, then by the exact interest method. Which is more favorable to the payee ?

9. When does a note mature?

10. What elements must be given when we find inter. est? Rate? Time? Principal?

11. How do you find the rate?

cipal ?

12. What are days of grace?

The time? The prin

13. Does the maker of a non-interest-bearing note ever have to pay interest? Explain.

14. What use is made of compound interest?

15. Find the compound interest, then the simple interest, at 6% on $25000 for 5 years, and note the difference.

16. When a note is not paid at maturity, why is it to the holder's advantage to require a new note?

17. What is the effect of a payee's indorsement?

18. When a partial payment is made that does not equal the interest due, why is not the payment subtracted from the amount?

19. Solve a problem in partial payments by both the United States, and the merchants' rule. Which is more favorable to the payer?

20. Find the compound interest on $1420.80 for 1 yr. 9 mo. at 6%, computed semi-annually.

21. Find the amount of a debt of $5672.00 for 4 years at 4% compound interest.

22. Find the interest on $720 at 6% for 2 yr. 8 mo. 22 days.

Find the interest on :

23. $675.20 for 3 pr. 5 mo. at 7%.

24. $754.30 for 1 yr. 4 mo. 15 da. at 5%.

25. $564.11 for 2 yr. 3 mo. 18 da. at 4%.

26. A county in Missouri owes $85,640. In how many days will the interest at 6% amount to $897.22 ?

27. Find the interest at 8% on $3960.36 for 9 mo. 20 days.

28. Find the amount of $2536.48 for 1 yr. 3 mo. 18 da. at 7%.

29. The interest on $600 for 3 yr. 6 mo. was $126. What was the rate?

30. The interest on a note for $460.50 at 5% was $60.44. What was the time?

31. The interest on a certain sum was $96.04, the rate 6%. Find the principal.

32. The amount due on a 6% note due in 1 yr. 5 mo. da. was $135.708. What was the face of the note ?

33. Find the exact interest on a note for $600, dated Aug. 5, 1895, and due July 1, 1896, interest at 6%.

34. Find the amount and simple interest of $623.74, one half of which is to be paid in 2 yr. 3 mo, at 4%, the other half to be paid in 3 yr. 5 mo. at 6%.

35. A note for $146.20, dated June 5, 1869, was paid July 11, 1872, with interest at 6 per cent. What was the interest?

36. A man borrowed, Dec. 25, 1877, $137.40 at 6% interest, and kept it until Jan. 15, 1880. What was the interest?

37. Payments were made on a note of $1800 dated Jan. 12, 1891, as follows: March 6, 1891, $300; April 15, 1891, $190; July 3, 1891, $565; Oct. 15, 1891, $700. What was due Dec. 21, 1891, interest at 6% ?

38. When must $1600 be put at interest at 6%, so that it will amount to $1800 on Jan. 1, 1898 ?

39. Find the amount of $375 for 2 yr. 8 mo. 16 da. at 6%.

40. Find the amount at simple interest of $1200 from April 4, 1895, to the present time.

41. A note for $728 is dated Nov. 16, 1894. March 8, 1895, there was paid on it $25. Find the amount due on Jan. 4, 1896, interest at 6%.

1

42. Find the amount at simple interest of $1184.63 for 4 mo. 17 da. at 4%.

yr.

43. Write your own promissory note for $200, with interest, payable in 60 days from to-day. When does it become due? Find the amount due at maturity.

44. Find the exact interest on $843.20 from April 10, 1895, to March 15, 1896, at 41%.

45. Upon a note for $950, dated Syracuse, N. Y., Jan. 1, 1894, $150 was paid Aug. 16, 1894; $25 March 1, 1896; and $200 April 16, 1896. How much is due to-day?

46. $645 was paid as interest on $2000 for 3 yr. 7 mo. What was the rate?

47. $30 was paid as interest on $600 at 6%. What was the time?

48. A house that cost $5000 was rented for $500, and $100 was paid for annual taxes and repairs. What rate of interest did the investment yield?

49. A person investing a certain sum of money at 6% for 1 yr. 6 mo. found at the end of that time the investment amounted to $545. Find the sum invested.

50. A man bought a horse for $150, paying $70 in cash, and the balance on time at 6%. He paid at the time of settlement $83.60. How much time elapsed before that date?

51. H. C. Harmon loaned $250 for 1 yr. 3 mo. 27 da., which amounted to $269.875 at the time of payment. Find the rate of interest.

52. A person having a certain sum of money invested, and drawing compound interest at 6%, found at the end of 2 yr. 2 mo. that it amounted to $567.418. What was the sum invested?

53. A sum of money was borrowed Jan. 30, 1895, and $419.60 paid in full Nov. 24, 1895. The rate of interest being 6%, how much of this was interest?

54. A man owes $4600 at 7%, and each payment of interest amounts to $161. How often does he pay in

terest?

300.. Oral.

TRUE DISCOUNT.

1. What will be the amount of $100 at 6% one year from to-day?

2. What is the value to-day of a debt of $106, due in one year, when money is worth 6% interest?

3. How much money paid to-day will cancel a debt of $112, due two years hence, money being worth 6% ?

4. What is the present worth of $105, due in one year without interest, when money is worth 5% interest?

5. When money can be loaned at 7%, which is worth the more, $100 at the present time, or a note of $107 without interest, due in one year?

6. What sum should be deducted from a debt of $108, due without interest in one year in consideration of its being paid now, when money can be loaned at 8% ?

301. True Discount is a deduction of interest for the payment of a debt before due.

302. The Present Worth of a debt due at a future time is a sum which will amount to the debt if put at interest till that time.

The debt is therefore the amount of the present worth for the given time.

303. The true discount is the difference between the debt and its present worth. It is the interest of the present worth for the given time.

7. What is the present worth and the true discount of a debt of $582.40, due in 8 months without interest, when money is worth 6% ?

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