and 15×9÷2=$67.50, the interest till first payment; and 1500+ 67.50 $1567.50, amount; and 1567.50-300= $1267.50, the new principal.

=

1267.50×21÷200=133.087, the interest till 2d payment; then, 1267.50+133.087-1400.587, and 1400.587-450= 950.587, the new principal.

and 950.587×7÷100-66.541, interest till the 3d payment, and 950.587+66.541=1017.128, and 1017.128-650–367.128, the new principal..

yr. m. d.

1830 17 1

1828 9 1

1 10 0=time from 3d payment to settlement.

2

and 376.128×11÷100-40.384, interest till time of settlement, and 367.128+40.384 $407.512, answer, or sum due on settlement.

2. I have in my possession a note, dated April 15, 1833, for $2150.25, on which are the following endorsements: Nov. 8, 1834, $500.00; Sept. 1, 1835, $723.64; January 1, 1837, $378.295; and Oct. 29, 1837, $850.00. What amount was due on this note, April 15, 1838? Ans. $138.337.

3. On a note of $767.95, given Dec. 25, 1827, and drawing interest after ninety days, were the following endorsements : Jan. 1, 1830, $75.00; March 25, 1831, $565.25. What was

due Jan. 1, 1833?

Ans. $294.118.

BOSTON, Jan. 13, 1809.

4. On demand, I promise to pay J. Anderson, or order, one thousand five hundred eighty-five and 33,0 dollars, with interest, for value received.

1 0-0

Received May 5, 1812, $863.12.
Received May 7, 1814, $221.

Received July 21, 1815, $1009.03.

Will the scholar determine whether the note is fully paid?

5. What was due on a note of $2100, dated June 15, 1820, on settlement, June 15, 1830, the following sums being endorsed on the back of it, viz. June 30, 1824, $750, and Sept. 30, 1828, $1200, on interest at 6 per cent.? Ans. $1249.527. 6. For value received of A. B., I promise to pay him, or order, seven hundred and fifty dollars, with interest at 6 per

cent.?

Jan. 1,

1824.

M. S.

On the above were the following payments endorsed: April 1, 1826, one hundred and fifty dollars; July 1, 1829, four hundred and fifty dollars. What was due on settlement, Sept. 1, 1832? Ans. $461.71.+

COMPOUND INTEREST.

Compound Interest is that which is computed annually, and immediately added to the principal. The amount of each year, is made the principal for the succeeding year.

RULE.-Cast the interest at the given rate per cent. for the first year, by multiplying by that rate per cent., and make the amount the principal for the second year. Make the amount of the second year, principal for the third; and the amount of the third, the principal for the fourth, &c., through the whole number of years. From the amount thus obtained, subtract the principal; the remainder will be the Compound Interest.

at

Ex. 1. What is the compound interest of $256 for 3 years, per cent.?

256
.06

1 5.3 6 interest.

25 6.00 principal added.

27 1.36 principal for 2d year.

.06

1 6.2 8 1 6 interest of 2d year.
27 1.3 6 principal of 3d year added.

2 87.6 4 1 6 principal for 3d year.
.06

17.25 8496 interest of 3d year. 2 87.6 4 1 6 principal.

30 4.9 0 0 0 9 6 amount of 3d year.

2 5 6.00 the original principal subtracted.

4 8.9 0 compound interest on $256, for 3 years.

2. What is the compound interest of $450 for 3 years, at 6 per cent.?

Ans. $85.957.+

3. What is the compound interest of $50 for 3 years, at 5 per cent. ?

4

Ans. $7.881.+

4. What is the compound interest of $400, at 6 per cent. for years? Ans. $104.99.+

5. What will $675 amount to at compound interest, in 3 years and 6 months, 6 at per cent. per annum?

053.+

Ans. $828.

6. What is the amount of $40.20 at 6 per cent. compound interest, for 4 years? Ans. $50.75.+

7. What is the amount of $63 at 6 per cent. compound interest, for 2 years ? Ans. $70.786.+

8. What is the compound interest of $127.85 for 3 years, at 6 per cent.? Ans. 24.421.+

COMMISSION.

Commission is an allowance made by merchants and others to an agent for buying and selling goods. This allowance is usually a certain per cent. on the amount of money received for the sales effected, or on that expended in making purchases. The only respect in which it differs from interest, is, that in computing commission no regard is paid to time; hence,

Ex. 1. An agent sold for his employer goods to the value of $1800, for which he received 5 per cent.; what was the amount of his commission? Ans. $90.

2. What is the amount of my commission for selling goods to the value of $975, it being 8 per cent.? Ans. $78.

3. My agent sends me word, that he has purchased goods on my account to the value of $2768; what will his commission amount to at 6 per cent.? Ans. $166.08.

4. The commission of $1250 at 10 per cent. is required; what is it? Ans. $125.

5. An agent sells 750 bales of cotton, at $52 per bale, and is to receive 2 per cent. commission. How much money will he receive, and how much will he pay over to his employer? Ans. He will receive $975, and pay over $38025.

6. What will my commission amount to at 3 per cent. in purchasing goods to the value of $7846.90 ? Ans. $235.407.

INSURANCE.

Insurance against the loss of buildings and goods by fire, and also of ships and their cargoes by storm, is obtained by paying a certain per cent. on the estimated value of the property insured.

The instrument which binds the contracting parties is called the policy, and the sum paid by the party insured to the insuring party, is called the premium.

RULE.-Multiply the estimated value of the property insured, by the per cent.

Ex. 1. What is the premium for the insurance of buildings and appurtenances, valued at $3758.50, at per cent. ? Ans. $18.79.+

2. What is the premium for insuring property, valued at $3600, against loss by fire, at per cent.? Ans. $27.

3. What is the premium for insuring property valued at $845, at per cent. ? Ans. $1.69.

4. What is the premium for the insurance of a ship and cargo valued at $20500, at per cent.? Ans. $68.333.+ 5. What would be the premium for insuring a ship and cargo valued at $18000, at 3 per cent. ? Ans. $67.50.

6. Insured my house and out buildings, valued at $21560.38, at per cent.; what was the amount of the premium ? $86.24.+

Ans.

QUESTIONS.-What is interest? How is it computed? Suppose the sum on interest be more or less than $100, or the time more or less than one year, how must the sum paid as interest compare? Give the illustration. What is the principal? What is interest? What is legal interest? What is the legal rate per cent. in New England? What in New York? What in Louisiana? What do you understand by the amount? The rate per cent. is a decimal of how many places does it consist when expressed by cents? And when expressed by mills? What is Case 1st? What is the rule for it? What is note first? What is Case 2d? What is the rule? Give the reason of the rule. What is note 2d? Note 3d? What is Case 3d? What is the rule? Give the explanation which precedes the rule. What is note 4th ? What is note 5th? What is note 6th? What is the rule for canceling? What is the rule for canceling, when the time consists of years and months? What is Note 7th? What is the rule for canceling, when the time consists of years, months, and days? What is Note 8th? What is Note 9th? What is Case 4th? What is the rule? What explanation precedes the rule? What is said relative to banking institutions? What is Case 5th? What is the rule for it? What is Case 3d of Decimal Fractions? What is Case 4th of Decimal Fractions? What is Case 6th? What is the rule for it? Will the scholar now inform me why it is correct to multiply by one half of the even number of months in the given time, in casting interest at 6 per cent.? What is Compound Interest? What is the rule for it? What is Commission? In what respect does it differ from simple interest? What is the rule? How is insurance obtained? What is to be understood by the policy? What by the premium? What is the rule?