235. To find the interest when the principal is in pounds, shillings, pence, and farthings:

RULE. Reduce the lower denominations to the decimal of a pound (Art. 175), then proceed as with dollars and cents, and finally reduce the decimal part of the interest back to shillings, pence, and farthings (Art. 176).

NOTE. But 3 decimal places in the multiplicand are used.

35. What is the interest of 56£ 10s. 6d. 3qr. for 1 yr. 6m. 24d. ? Ans. 5£ 6s. 3d. 1qr. 36. What is the interest of 246£ 18s. 9d. 1qr. for 2yr. 3m. 15d.?

37. What is the interest of 125£ 16s. 8d. 2qr. from Nov. 13,1861, to March 26, 1863?

236. To find the interest of any sum for any time, at any other rate than 6 per cent.:

RULE. First find the interest at 6 per cent.; then divide this interest by 6, which will give the interest at 1 per cent; and, finally, multiply the interest at 1 per cent. by the given rate.

38. What is the interest of $124.50 for 1yr. 4m. 12d., at 5 per cent.?

$8.5075

Int. of Principal at 5 per cent., Ans.

39. What is the interest of $342.25 for 1yr. 9m. 18d., at 8 per cent.? Ans. $49.284. +

235. Rule for casting interest on pounds, shillings, etc.? How many decimal places in the multiplicand are used? 236. Rule for computing interest at any given rate?

40. What is the interest of $256.84 for lyr. 3m. 15d., at 9 per cent.?

41. What is the interest of 24£ 6s. 8d. 1qr. for 2yr. 9m. 12d., per cent.? Ans. 3£ 7s. 8d. 3qr.

at 5

42. What is the interest of 150£ 10s. for 2yr. 4m. 6d., at 41per cent.?

237. To find the amount of any sum at any rate for any time:

RULE. First find the interest by the preceding rules, and to the interest add the principal.

43. What is the amount of $325.75 for lyr. 4m. 24d., at 6 per cent.?

44. What is the amount of $224.48 for 2yr. 6m. 15d.?

Ans. $258.718.

45. What is the amount of $48.33 for 1yr. 6m.?

46. What is the amount of $365.25 for 1yr. 3m. 9d.?

47. What is the amount of $444 from July 18, 1861, to Sept. 4, 1862?

Ans. 474.044.

48. What is the amount of $32.25 from Nov. 15, 1860, to July 25, 1862, at 7 per cent.?

49. What is the

amount of $187.44 from May 25, 1859, to April 19, 1861, at 7 per cent.?

50. What is the amount of 82£ 12s. 6d. 3qr. from Feb. 12. 1860, to Dec. 24, 1862, at 5 per cent.?

237. Rule for finding the amount of any sum for a given time and rate? 238. Rule for casting interest on notes when partial payments have been made? Exception? Explain Ex. 51.

17

238. 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 settlement.

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, and the remainder is a new principal, with which proceed as before.

51. $525.

Andover, Mass., June 4, 1848.

For value received, I promise to pay John Davis, or order, five hundred and twenty-five dollars, on demand, with interest. DANIEL TRUSTY.

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? Ans. $191.003.

3 9.8 13 Int. from June 4, '48, to Sept. 9, '49

56 4.8 13

1 1 4.2 0

45 0.6 1 3

1 8.4 7 5

...

Amount of Principal to Sept. 9, 1849.
1st Payment.

lyr. 3m. 5d.

1st Remainder, forming the 2d Principal.
Int. from Sept. 9, '49, to May 15, '50 ...8m. 6d.

4 6 9.0 88 Amount of 2d Principal to May 15, 1850.

7 8.2 8 5 2d Payment.

39 0.8 0 3 2d Remainder, forming the 3d Principal.

2 8.7 2 4 Int. from May 15,'50, to Aug. 6, '51... 1yr. 2m. 21d.

419.5 27 Amount of 3d Principal to Aug 6, 1851.

2 4 4.3 7 5 3d Payment.

175.1 5 2 3d Remainder, forming the 4th Principal.

1 5.8 5 1 Int. from Aug. 6, '51, to Feb. 9, '53 ... 1yr. 6m. 3d. $191.0 0 3 Amount due Feb. 9, 1853, Ans.

i

NOTE 1. The pupil will observe that the operation is performed on the slate or elsewhere, only the results being here written. To do the work here would take up too much space.

52. $346.36.

Boston, Mar. 26, 1860. For value received, we promise to pay Stephen C. Jones, or bearer, three hundred forty-six and dollars, on demand, with interest. BRUCE & DAVIS.

INDORSEMENTS: July 20, 1860, $54.75; April 8, 1861, $10; Sept. 26, 1861, $5.50; Jan. 6, 1862, $150.46; what was due May 2, 1862?

6.5 81 Int. from Mar 26, '60, to July 20, '60...3m. 24d.

35 2.9 41

5 4.7 5

29 8.1 9 1

2 6.1 4 1

32 4.3 32 1 65.9 6

158.37 2

Amount of Principal to July 20.

1st Payment.

1st Remainder, forming the 2d Principal.

Int. from July 20, '60, to Jan. 6, '62... lyr. 5m. 16d.
Amount of 2d Principal to Jan. 6, 1862.

Sum of 2d, 3d, and 4th Payments.

2d Remainder, forming the 3d Principal.

3.0 6 2 Int. from Jan. 6, '62, to May 2, '62...3m. 26d.

$161.4 3 4 Amount due May 2, 1862, Ans.

NOTE 2. Ex. 51 is solved by the rule, each payment being greater than the interest which had arisen on the principal at the time of the payment; but in Ex. 52 it is found by trial that the 2d and 3d payments were less than the interest due on the principal at the time of the payments, and .., in accordance with the exception in the rule, the interest is cast on the 2d principal, $298.191, from July 20, 1860, to Jan. 6, 1862, and then the sum of the 2d, 3d, and 4th payments is taken from the amount of the 2d principal.

53. $186.96, Andover, May 12, 1860. For value received, we, jointly and severally, promise to pay Abel Stevens, or order, four hundred eighty-six dollars and ninety-six cents, on demand, with interest.

JAMES CARTER,

JOHN DAVIS.

INDORSEMENTS: Jan. 24, 1861, $154.87; Dec. 6, 1861, $75.18; Aug. 18, 1862, $124.87; Dec. 6, 1862, $100; what is due April 24, 1863?

Ans. $88.531.

54. $167.42.

Providence, April 15, 1858.

For value received, I promise to pay A. B., or order, one dollars, in 6 months from date, with

hundred sixty-seven and

interest.

C. D.

INDORSEMENTS: May 21, 1859, $42.18; July 17, 1860, $6.25; Sept. 9, 1860, $48.16; Jan. 27, 1861, $27.47; what was due April 15, 1862? Ans. $72.072.

55. $472.76.

New York, June 4, 1860.

+ For value received of Walter Willis, I promise to pay him, or his order, four hundred seventy-two dollars and seventy-six cents, in six months from date, with interest at 7 per cent. afterwards. SAMUEL JOHNSON. INDORSEMENTS: April 10, 1861, $125.843; Nov. 28, 1861, $133.724; April 15, 1862, $223.081; what was due Nov. 13, 1862? Ans. $24.97.

56. $1500.

Andover, Aug. 6, 1858.

For value received, I promise to pay to the Trustees of Phillips Academy, or their order, in Andover, the sum of fifteen hundred dollars, in one year from the first day of October, A. D. eighteen hundred and fifty-eight, with interest to be paid on the first day of April, A. D. eighteen hundred and fifty-nine, and thence afterward half yearly, at the office of the Treasurer of the said Trustees in Andover. J. S. PAYWELL.

In presence of

J. L. TRUMAN.

INDORSEMENTS: April 1, 1859, $58.75; October 1, 1859, $115; Nov. 1, 1859, $150; Feb. 1, 1860, $100; April 1, 1860, $137.614; what was due July 1, 1860? · Ans. $1065.75.

239. The rule given in Art. 238 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

238. Where is the work performed? Why not in the book? 239. What rule is usually adopted when the time is a year or less?