2. For value received, I promise to pay Peter Trusty, or order, Five Hundred Dollars, with interest, July 1, 1825. $500. JAMES CARELESS. July 16, 1826, received $200 66 March 16, 1827, What remained due July 16, 1828? $40 3. For value received, I promise to pay William Stimpson, or order, One Thousand Dollars, with interest. Jan. 16, 1820. "Compute the interest on the principal sum to the first time when a payment was made, which, either alone, or together with the preceding payments, (if any,) exceeds the interest then due; add that interest to the principal, and from the sum subtract the payment, or the sum of the payments, made at that time, and the remainder will be a new principal, with which proceed as with the first principal, and so on, to the time of settlement." 1. For value received, I promise to pay Jason Park, or order, Six Hundred Dollars, with interest. March 1, 1822. What was there due August 31, 1828? Ans. $194,41. The principal, $600, on interest from March 1, 1822.. Interest to May 1, 1823 (14 mo.).................................. Amount...... Payment, May 1, 1823, a sum greater than the interest..... .$600,00 42,00 ...... .$642,00 200,00 .$442,00 Due May 1, 1823, forming a new principal................ Amount, carried forward.........$471,83 Amount, brought forward...... $471,83 Payment, June 16, 1824, a sum greater than the interest then Due June 16, 1824, forming a new principal... Payment, a sum less than the interest then due.......... $ 12 Due March 1, 1826, forming a new principal.......... Amount.. Payment, Oct. 16, 1827, a sum greater than the interest then due....... .......... Due Oct. 16, 1827, forming a new principal...... Balance due Aug. 31, 1828............ 80,00 $391,88 40,16 $431,99 $127,00 $304,99 29,73 $334,72 150,00 $184,72 9,69 $194,41 2. For value received, I promise to pay Asher L. Smith, or order, Nine Hundred Dollars, with interest. June 16, 1820. What remained due Sept. 1, 1828? Ans. $483,07. CONNECTICUT RULE. Established by the Supreme Court of the State of Connecticut in 1804. "Compute the interest to the time of the first payment; if that be one year or more from the time the interest commenced, add it to the principal, and deduct the payment from the sum total. If there be after-payments made, compute the interest on the balance due to the next payment, and then deduct the payment as above; and, in like manner, from one payment to another, till all the payments are absorbed; provided the time between one payment and another be one year or more. But if any payments be made before one year's interest hath accrued, then compute the interest on the principal sum due on the obligation, for one year, add it to the principal, and compute the interest on the sum paid, from the time it was paid up to the end of the year; add it to the sum paid, and deduct that sum from the principal and interest, added as above.* "If any payments be made of a less sum than the interest arisen at the time of such payment, no interest is to be computed, but only on the principal sum for any period." 1. For value received, I promise to pay Peter Trusty, or order, One Thousand Dollars, with interest. June 16, 1824. JAMES PAYWELL. $1000. Ans. $478,82. What was due August 26, 1828? $1000,00 principal of the note. 62,50 interest to July 1, 1825, (12 months.) $1062,50 amount. 250,00 1st payment deducted. $812,50 due July 1, 1825. 54,84 interest to August 16, 1826, (13 months.) $867,34 amount. 157,00 2d payment deducted. $710,34 due August 16, 1826. 42,62 interest for 1 year. $752,96 90,69 { amount of 3d payment to August 16, 1827, (the *If a year does not extend beyond the time of payment; but, if it does, then find the amount of the principal, remaining unpaid, up to the time of settlement, likewise the amount of the payment or payments from the time they were paid to the time of settlement, and deduct the sum of these several amounts from the amount of the principal. $662,27 due August 16, 1827. 19,86 interest to February 16, 1828, (16 months.) $682,13 amount. 218,00 4th payment. $464,13 due February 16, 1828. 14,69 interest to August 26, 1828, (61 months.) $478,82 due August 26, 1828, the time of settlement. 2. For value received, I promise to pay John P. Smith, or order, Eight Hundred and Seventy-five Dollars, with interest. January 10, HARRY THOMSON. 1821. July 1, 1827, " Time. $3003, 7, 1, 4, 6, 1, 9ł, $150 j What was due September 1, 1828? Ans. $447. LXXVI. PRACTICE IN COMPOUND NUMBERS. Operations in compound numbers, as pounds, shillings, for instance, may be shortened by taking aliquot parts, as in Practice of Federal Money, XXVIII. 1. What is the cost of 28 bushels of salt, at 10 s. a bushel? In this example, 10 s. £; then, of 28 bushels is the cost in pounds, thus, 282 14£, Ans. = = = 2. What will 40 bushels of wheat cost, at 5 s.£ a bushel? At 10 s. £? At 4 s. = £? At 1 8. = I. Hence, when the price is an aliquot, or even, part of a pound, we divide the number of gallons, yards, &c. by this aliquot part, as in T XXVIII. Exercises for the Slate. = 1. What will 8640 yds. of cloth cost, at 10 s. a yard?4320. At 6 s. 8 d.: £?-2880. At 5 s.= £?-2160. At 4 s.-1728. At 3 s. 4 d. = £?-1440. At 2 s. 6 d. £?-1080. At 1 s. 8 d. £?-720. At 1 s. 4 d.=£?576. At 1 s. 3 d. £?-540. At 1 s. £?-432. At 10 d. ==£?-360. At 8 d. £?-288. At 5 d. = £?-180. At 24 d. — ¦£ ?–90. A. 16794£. Note. The aliquot parts of a pound, in the following examples, may be found in the former examples. G 2. What cost 20 galls. brandy, at 6 s. 8 d. per gall. ?-6, 13, 4 3. What cost 8 yards of broadcloth, at 10 s. per yard?-4. 4. What cost 25 bushels of rye, at 5 s. per bushel ?-6, 5. 5. What cost 30 bushels of oats, at 2 s. 6 d. per bushel?— Ans. 20£ 13 s. 4 d. 6. What will 51 bbls. of cider cost, at 7 s. 6 d. per bbl.? II. Hence, when the price is not an aliquot part of 1£, we may first find what is the greatest even part, and then take parts of this part, and so on, for several times. 7. What will 20 yds. of cloth cost, at 12 s. 6 d. per yard?— 12, 10. 8. What will 40 yds. of cloth cost, at 15 s. per yd. ?-30. 9. What will 36 bushels of corn cost, at 7 s. 6 d. per bush el?-13, 10. 10. What cost 12 bbls. of ale, at 17 s. 6 d. per bbl. ?-10, 10. A. 66£ 10 s. 11. What will 5 cwt.3 qrs.21 lbs.of sugar cost, at $9,60 per cwt.? 12. At $2,50 per yard, what will 5 yds. 2 qrs. of broadcloth cost?-1375. What will 4 yds. 1 qr. cost?-10625. Will 6 yds. 3 qrs.?-16875. Ans. $41,25. 13. 5 cwt. 3 qrs. 16 lbs., at $4,20 per cwt. ?-2475. 14. 3 cwt. 1 qr. 7 lbs., at $3,60 per cwt. ?-11925. 15. 4 yds. 2 qrs., at $2,10 per yd. ?-945. 16 4 gals. 2 qts. at $3,40 per gal. ?-1530. A. $61,425. |