July 18, 1830 ? 5. What is the interest of $22.76.3, from Feb. 19, 1806, to Ans. $33.34.4. 6. What is the interest of $76.35, from August 17, 1830, to May 5, 1832 ? 7. What is the interest of $97.86, from Dec. 19, 1828 ? Ans. $7.86.4. May 17, 1821, to Ans. $44.55.8. Nov. 19, 1823, to Ans. $267.66.8. 8. What is the interest of $1728.75, from June 18, 1826 ? 9. What is the interest of $99.99.9, from Jan. 1, 1800, to Feb. 29, 1832 ? 10. What is the interest of $16.76, from June 17, 1822 ? 11. What is the interest of $35.61, from Dec. 15, 1833 ? 12. What is the interest of $786.97, from August 17, 1831, at 7per cent. ? 13. What is the interest of $96.84, from July 3, 1832, at 7 per cent. ? 14. What is the interest of $11.10.5, from Dec. 7, 1832, at 7 per cent. ? 15. What is the interest of $117.21, from June 17, 1819, at 8 per cent. ? Ans. $192.96.4. 16. What is the interest of $17869.75, from Feb. 7, 1830, to Jan. 11, 1832, at 5 per cent.? Ans. $1722.44.5. 17. What is the interest of $71.09.1, from July 29, 1823, to June 19, 1827, at 12 per cent.? 18. What is the interest of $83.47, from July 11, 1833, at 8 per cent. ? 19. What is the interest of $79.25, from July 17, 1833 ? 20. What is the interest of $175.07, from Oct. 12, 1829 ? Ans. $33.17.5. Nov. 8, 1830, to Ans. $19.53.7. Dec. 8, 1831, to Ans. $7.64.7. Jan. 7, 1825, to Ans. $50.04.0. 21. What is the interest of $12.75, from June 16, 1831, to August 20, 1833 ? Ans. $1.66.6. 22. What is the interest of $197.28.5, from Dec. 6, 1832, to Jan. 11, 1834 ? Ans. $12.98.7. 23. What is the interest of $12.69, from Jan. 2, 1833, to Aug. 30, 1834, at 7 per cent.? 24. What is the interest of $79.15, from June 10, 1833, at 74 per cent. ? 25. What is the amount of $83.33, from Jan. 1, 1833, at 7 per cent. ? 26. What is the amount of $100.25, from June 1, 1881, at 4 per cent.? Ans. $1.47.5. Feb. 11, 1881, to Ans. $13.37.3. March 11, 1831, to Ans. $94.61.4. March 2, 1831, to Ans. $101.24.1. 27. What is the amount of $369.29, from April 30, 1830, to July 31, 1832, at 9 per cent.? Ans. $444.16.3. 28. What is the interest of $769.87, from Jan. 1, 1830, to June 17, 1835, at 9 per cent. ? Ans. $399.41.2. 29. What is the interest of $69.75, from Jan. 11, 1833, to June 29, 1833, at 17 per cent. ? Ans. $5.69.6. 30. What is the interest of $368.18, from April 2, 1816, to June 19, 1835, at 2 per cent.? Ans. 141.48.3. 31. What is the interest of $16.16, from March 3, 1831, to Dec. 6, 1833, at 1 per cent. ? Ans. $ 0.44.5. 32. What is the interest of $1728.19, from May 7, 1824, to July 17, 1830, at 4 per cent. ? Ans. $26.76.2. 33. What is the_interest of $ 397.16, from Dec. 29, 1831, to June 30, 1833, at 5 per cent.? Ans. $32.82.6. 34. What is the amount of $1760.07, from Feb. 17, 1831, to Dec. 19, 1832, at per cent. ? Ans. $1776.25.2. CASE IV. To find the interest of any sum for days. RULE. If the rate per cent. be 6, multiply the principal by the number of days, and divide by 6083, and the quotient is the interest; but if the rate per cent. be 5, divide by 7300. NOTE. The reason for dividing by these numbers is, that the interest of any sum at 6 per cent. will amount to the principal in 6083 days; and at 5 per cent. in 7300 days. EXAMPLES. 1. What is the interest of $1835, for 35 days? Ans. $10.55.8. 2. What is the interest of $165.37, for 165 days? Ans. $4.48.5. 3. What is the interest of $16.87, for 79 days, at 5 per cent. ? Ans. $0.18.2. 4. What is the interest of $167, for 87 days, at 5 per cent. ? Ans. $1.99. 5. What is the interest of $761.81, for 165 days? Ans. $20.66.3. 6. What is the interest of $76.18.5, for 315 days, at 5 per cent. ? Ans. $3.28.7. 7. What is the interest of $178.69.7, for 271 days? Ans. $7.96.1. 8. What is the interest of $1728.79, for 318 days, at 5 per cent.? Ans. $75.30.8. 9. What is the interest of $73 for 73 days, at 5 per cent. ? Ans. $0.73. SECTION XXXI. PARTIAL PAYMENTS. When notes are paid within one year from the time they become due, it has been the usual custom to find the amount of the principal from the time it became due, until the time of payment; and then to find the amount of each endorsement, from the time it was paid until settlement, and to subtract their sum from the amount of the principal. (1.) EXAMPLES. Baltimore, January 1, 1833. For value received, I promise Riggs, Peabody, & Co. to pay them, or order, on demand, one thousand seven hundred and twenty-eight dollars, with interest. John Paywell, Jr. On this note are the following endorsements. March 1, 1833, received three hundred dollars. May 16, 1833, received one hundred and fifty dollars. Sept. 1, 1833, received two hundred and seventy dollars. December 11, 1833, received one hundred and thirty-five dollars. What was due at the time of payment, which was December 16, 1833 ? Ans. $933.03. (2.) Balance remaining due, Dec. 16, 1833, $948.03 Concord, Feb. 4, 1834. For value received, we jointly and severally promise James Thomas, to pay him, or order, on demand, seven hundred dollars, with interest. Sampson Phillips, Attest, Henry Dix. Quarls Hoopoo. On this note are the following payments. March 18, 1834, received one hundred and sixty dollars. June 24, 1834, received two hundred dollars. September 11, 1834, received one hundred and twenty dollars. October 5, 1834, received sixty dollars. What was due on this note, Nov. 28, 1834 ? Ans.$180.43. (3.) Portland, May 16, 1834. For value received, we, Luke A. Homer, as principal, and Daniel D. Snow and Ichabod Frost, as sureties, promise John Webster, to pay him, or order, in one year, with interest after three months. Attest, M. Peters. six hundred dollars, On this note are the following endorsements. Sept. 18, 1834, received one hundred and thirty-six dollars. December 5, 1834, received one hundred and ninety-seven dollars. February 11, 1835, received two hundred dollars. April 19, 1835, received forty dollars. What was due August 1, 1835 ? Ans. $40.31.2. In the United States' Court, and in most of the Courts of the several States, the following rule is adopted for estimating interest on notes and bonds, when partial payments have been made. RULE. Compute the interest on the principal sum, from the time when the interest commenced, to the first time when a payment was made, which exceeds, either alone, or in conjunction with the preceding payments, if any, the interest at that time due; add that interest to the principal, and from the sum subtract the payment made at that time, together with the preceding payments, if any, and the remainder forms a new principal; on which compute and subtract the interest, as upon the first principal, and proceed in the same manner to the time of judgment. The following example will illustrate the above rule. (4.) Boston, June 17, 1827. For value received, I promise James E. Snow, to pay him, or order, on demand, one hundred and sixty-five dollars and eighteen cents, with interest. James Y. Frye. ($165.18.) Attest, John True: On this note are the following endorsements. December 7, 1827, received eighteen dollars and thirteen cents of the within note. October 19, 1828, received twenty-eight dollars and sixteen cents. September 25, 1829, received thirty-six dollars and twelve cents. July 10, 1830, received three dollars and eighteen cents. June 6, 1831, received thirty-six dollars and twenty-eight cents. December 28, 1832, received thirty-one dollars and seventeen cents. May 5, 1833, received three dollars and eighteen cents. September 1, 1833, received twenty-five dollars and eighteen cents. October 18, 1834, received ten dollars. How much remains due, September 27, 1835 ? Ans. $15.41.7. METHOD OF OPERATION. $165.18.0 Principal, carrying interest from June 17, 1827, First payment, Dec. 7, 1827, Amount, 169.86.0 18.13.0 Balance for new principal, Interest from Dec. 7, 1827, to Oct. 19, 1828, 10mo. 12da. 151.73.0 7.88.9 Amount, 159.61.9 Second payment, Oct. 19, 1828, 28.16.0 Balance for new principal, Interest from Oct. 19, 1828, to Sept. 25, 1829, 11mo. 6da. 131.45.9 7.36.1 Amount, 138.82.0 Third payment, Sept. 25, 1829, Balance for new principal, Interest from Sept. 25, 1829, to June 6, 1881, 20mo. 11da. 10.45.8 Amount, 113.15.8 Fourth pay't, July 10, 1830, a sum less than int'st, 3.18 39.46.0 Balance for new principal, 73.69.8 Interest from June 6, 1881, to Dec. 28, 1832, 18mo. 22da. 6.90.3 Interest from Dec. 28, 1832, to May 5, 1833, 4mo. 7da. Interest from May 5, 1833, to Sept. 1, 1833, 3mo. 26 days, 91.4 Amount, 48.21.1 |