6. At what rate will $72.50, in 3yr. 4mo. 15da., give $14.6811 interest? Ans. 6%.

7. At what rate will $1280, in 5yr. 8mo. 12da., give $137.76 interest?

Ans. 6%.

8. At what rate will $3975, in 6yr. 7mo. 20da., give $2375.061 interest? Ans. 9%.

9. At what rate will $13.25, in 8yr. 10mo. 18da., give $7.0621 interest? Ans. 6%.

10. At what rate will $1515, in 7yr. 5mo. 18da., give $791.84 interest? Ans. 7%. 11. The amount of a certain principal for 5yr. at a certain rate is $2430, and for 12yr., $3312; required the principal and Ans. Prin., $1800; Rate, 7%. 12. The amount of a certain principal for 4yr., at a certain per cent., is $3551, and for 19yr., $69293; required the prin cipal and rate. Ans. Prin., $2650; Rate, 84%.

rate.

CASE IV.

324. Given the time, rate, and interest or amount, to find the principal.

1. What principal will in 4yr. 8mo., at 6%, give $151.20 interest?

SOLUTION. We find the interest of $1 for 4yr. 8mo., at 6 per cent., is 28ct. If $1 gives an interest of 28ct., to give $151.20 interest it will require as many dollars as 28ct. are contained times in $151.20, which' is $540. Hence the following

OPERATION.

4yr. 8mo.56mo.

56

2

151.20

= $0.28

$540

.28

RULE.-Divide the given interest by the interest of $1 for the given rate and time; or divide the amount by the amount of $1.

2. What principal will in 3yr. 8mo., at 6 per cent., give $462 interest? Ans. $2100.

3. What principal will in 7yr. 9mo., at 8 per cent., give $3286 interest?

Ans. $5300.

4. What principal will in 12yr. 9mo,, at 7 per cent., give $64.26 interest?

Ans. $72.

5. What principal will in 6yr. 6mo., at 6 per cent., amount to $604.65?

Ans. $435.

6. What principal will in 7yr. 4mo., at 8 per cent., amount to $749.70 ? Ans. $172.50.

7. What principal will in 5yr. 8mo. 15da., at 5 per cent., give $575.40 interest? Ans. $2016. 8. What principal will in 9yr. 10mo. 12da., at 5 per cent., give $3875.824 interest? Ans. $7856.40. 9. What principal will in 7yr. 7mo. 13da., at 7 per cent., amount to $2400? Ans. $1565.19. 10. What principal will in 4yr. 11mo. 17da., at 7 per cent., amount to $3363.79? Ans. $2496.37+. 11. The sum of A's and B's money on interest for 4yr. 6mo., at 6 per cent., gives $5400 interest; how much money has each, if 3 times B's equals A's? Ans. A, $15000; B, $5000.

12. The sum of of A's and 2 of B's fortune for 5yr. 9mo., at 7 per cent., amounts to $33660; what is the fortune of each, if of A's equals of B's? Ans. A's, $18000.

325. MISCELLANEOUS PROBLEMS.

1. The amount of $2648 for 7yr. 6mo., at 10 per cent., is to be divided between A and B so that A's share shall equal 3 times B's; required the share of each. Ans. A's, $3475.50.

2. C and D have $57520 on interest for 6yr. 3mo., at 5 per cent.; what is the amount of each, if 2 times C's share equals 4 times D's share? Ans. D's, $25165.

3. A mother and daughter have $5280 on interest, of which the daughter's share equals of the mother's; what is the interest of each for 3yr. 3mo. 3da., at 6%? Ans. Mother's, $563.04.

4. The interest on two sums of money for 5 years, at 7 per cent., is $2450; what are the sums, if one equals three times the other? Ans. $1750; $5250. of Fannie's, and the sum of their forthe amount of each for 6yr. 3mo. 15da., Ans. F's, $6084.32; M's, $4563.24. 6. The interest on A's and B's money for 6yr. 8mo., at 6 per

5. Mary's fortune is tunes is $7392; what is at 7 per cent.?

cent., is $4760; how much money has each, if of A's equals of B's? Ans. A, $6300; B, $5600. 7. A and B have together $9912 on interest, at 7 per cent; what is the amount of the money of each for 5yr. 8mo. 15da, provided of A's equals of B's money?

Ans. A's, $7344.35,8; B's, $6528.31. 8. The interest on twice A's and 3 times B's money for 5yr. 6mo., at 6 per cent., is $2640; how much has each, if 2 times A's equals 3 times B's? Ans. A, $2000; B, $13331.

9. A, B, and C have together $65520, of which A has 5 times, and B 7 times as much as C; what is the interest of each for 6yr. 12da. at 7 per cent.? Ans. C has $2128.56. 10. Four times A's money plus 3 times B's money, which equals A's, being on interest for 3yr. 8mo., at 7%, gives $6468; how much money has each? Ans. A, $5040; B, $1680. 11. The interest for 6yr. 8mo., at 6 per cent., on the money Howard owes, is $1480, and for the same time and rate on the money due him, is $2490; how much more has he due than he owes? Ans. $2525. 12. The interest on of C's and of D's money for 7yr. 4mo., at 8 per cent., is $5280; how much money has each, if of C's equals of D's? Ans. C, $6750; D, $6000.

13. If the interest of $35640 for 7yr. 6mo. 10da., at 8 per cent., be divided into two parts to each other as 5 to 6, it will respectively give of A's and of B's money; how much money has each? Ans. A, $24390; B, $15609.60. 14. Two-thirds of A's fortune plus & of B's fortune, being on interest for 5yr. 8mo., at 10%, would give $40800 interest; what is the fortune of each, if A's equals B's? Ans. Each, $18000.

as

15. The money Benton paid for a farm, house, and barn, for 5yr. 6mo., at 6%, would give $7920 interest; what was paid for each, if the barn cost as much as the house, and the house much as the farm? Ans. Farm, $10000; House, $8000. M's, plus of N's money, being on

16. Four-fifths of

interest for 3yr. 6mo. 15da., at 7 per cent., amounts to $371380; what is the money of each, if twice M's equals 3 times N's? Ans. N's, $168000.

of A's

of C's

17. A, B, and C have together $48000 on interest for 4yr. 6mo., at 6 per cent.; what is the interest of each, if money equals of B's, and of B's money equals money? Ans. C's, $356010. 18. The money Russel paid for a farm, house, and barn, being on interest for 4yr. 8mo., at 6 per cent., would give such an interest that it on interest for the same time and rate would amount to $22400; what did each cost, if the farm cost 3 times as much as the barn, and the barn å as much as the house? Ans. House, $15625.

PARTIAL PAYMENTS.

326. A Promissory Note is a written or printed promise to pay a certain sum of money. This sum is called the Face of the note.

327. The person who promises to pay is called the Maker or Drawer. The person to whom it is promised is called the Payee.

The words "value received" upon a note are essential to render it valid. If a note says "with interest," it draws interest from date; otherwise it draws interest from the time it becomes due until paid. When no rate is mentioned, the legal rate of the state is understood.

328. A Partial Payment is a payment of a portion of a Such payments are written upon the back of the note, and are called indorsements.

note.

329. To find the amount due on a note containing indorsements, we have the following rule, called the

UNITED STATES RULE.

I. Find the interest and amount of the principal to the time of the first payment; if the payment is greater than the interest, subtract the payment from the amount and treat the remainder as a new principal.

II. If the payment is less than the interest, find the amount of the note to the time when the sum of the payments shall exceed the interest due, subtract the sum of the payments from the amount, and proceed as before.

NOTE. This rule is founded upon the decision of Chancellor Kent. The principle is, that neither interest nor payment shall draw interest. It has been adopted by nearly all the states,-New Hampshire, Vermont, and Connecticut being the principal exceptions.

1. $600.

EXAMPLES FOR PRACTICE.

Millersville, Pa., July 12, 1860.

Four years after date, I promise to pay Henry Wilson, or urder, six hundred dollars, with interest, for value received. CHARLES HARDING.

On this note were the following indorsements :

May 24, 1861, received

Dec. 18, 1862,

$131.20.

40.00.

Balance due after first payment

500.00

Interest on balance to second payment is $47.00. The pay

ment being less, is not deducted

Interest from first payment to third payment.

69.00

Amount due Sept. 12, 1863

569.00

Sum of second and third payments to be deducted.

215.00

Five years after date, for value received, I promise to pay Robert Turner, or order, four thousand dollars, with interest from date. MORTON BLACK, Jun.

On this note were indorsed the following payments :