The exact correction is 4s. in each 1751, 10 farthings in each 107, or 1 farthing in each pound. The reason of this rule will be evident, if from 7300, or 73000 one *25th thereof, be subtracted, with the first there will result a remainder of 7008, which being divided by 7000, will give 10l for the interest. Now the interest of 1001 for 73 days is 17, therefore, the interest by the rule is of a £ in each pound too much, which is 1 farthing; from the second, there will result a remainder of 70080, which divided by 7000 will give 10,8? for the interest. Now the interest of 1001 for 2 years or 730 days is 10%, therefore, the interest by the rule is much, which is exactly 10 farthings. Examples. too Find the interest of 11451 17s. 6d. at 5 and at 6 per cent \per annum, for 215 days. 33,7869 13 double rate. 3202719 12810876 7,0000)307,461024 43,923 43 18 51 10 correction. £33 15 8—94d=33/ 14s 111⁄2d £43 17 5 Find the interest of the following sums for the several times, and at the rates respectively assigned. L 66. 448 17 6 for *To divide by 25 is to multiply by 4, because 4 is the 25th part of 100. In the first example the correction is 37 farthings; for each pound a farthing, for each 107e farthing, and for the odd shillings and pence, an additional farthing, being nearly another pound, 90. 175 0 91. 379 13 92. 450 0 93.1456-11 4 87. 475 15 0 from Nov. 1 to March 25 at 6 from Feb. 11 to May 89. 1109 8 4 from Feb. 3 to April 0 from Feb. 5 to May from Sept, 29, 1819 to March 25 1821 at 5 from Dec. 25, 1819 to May 7 for 2 years and 147 days... • d. 91. 981 16 8 86. 336 11 8 88. 964 18 0 ❤ct.ap from May 19 to October 4 at 5 from Aug. 1 to Decr. 5 at 5 1 at 5 from Sept. 17 to January 14, at 61 31 at 5 15 (1. yr) at 51 5, 1820 at 4 1, 1822 at 5 at 5 94. 473 14 95. 941 1 8 for at 6 6 for at 4 2 years and 243 days.. When the interest of a running account is required; find how long the first money is in use, from the sum due subtract the sum paid, and again find how long the balance was in use, thus adding or subtracting as the case may require : find the products of the several sums, by the days each particular sum was in use, add the several products together, and proceed as before, thus, the total interest may be readily obtained. Eramples. 95, Lent at interest, January 1st, 1812, 5001 for 2 years, with condition that the borrower may lessen the principal as much as he pleases before the expiration of the time; on the 1st of May he pays 1507, the 10th of August following 1001 more, the 15th of November 1007, and on the 11th day of • Here some would recommend to find the interest for the years and days separately, and add the results for the total interest for the given time, but I think it easier and readier to fix the interest at once for the entire days, which in this case are 730+ 147-877. May, 1813, 1007, leaving the balance until the expiration of the time; what sum will then finally settle the account, at 6. per cent. per annum ? 1812. January 1st, Lent.. Answer, principal and interest, £76 0 94 96. Lent at interest. 9001, May 1st, 1817, for 1 year, at the rate of 6 per cent. per annum; with condition that the bor rower may discharge as much of the principal as he pleases before the expiration of the year; now, on the 24th of June he pays 3001, and on the second of September 2251; how much principal and interest is he to pay at the end of the year ? 97. Received from A. C. on my promissory note, dated, January 1st, 1818, 5007, at 5 per cent per annum, and agree to pay him such sums as he may require from time to time, still allowing him interest at 5 per cent for the balance in my hands; on the 1st of September he draws 504, on the 10thof October 501, on the 16th of November 701, on the 23d Dec. 801, on the 25th March, 1819, 1001, on the 1st of May 751; on the 1st of August he requires a settlement, together with the entire balance due to him; how much money will settle the account? NOTE. It is unlawful to charge or calculate interest on interest for money lent, and a person so dong, would be liable to action for usury, according to the present laws. 98. Lent on January 1st, 1819, 10001, at 6 per cent. per annum; after which, I lent at the same rate, several sums, and drew upon the borrower as business required, viz. :—on the 25th of March I withdrew 180 guineas, on the 16th of June lent 4001, on the 1st of September I drew for 7001; but on the 1st of November in the same year I lent 300 guineas, on the last day of the year I wish to settle the account; how much did the borrower then owe me for principal and interest? 99. Dr... I. B. in account with M. I........ Cr.* .... L 8 June 1, To Cash.. 180 0 0 L d June 24, By Cash..200 0 0 How much principal and interest due to I. B. on the 1st of November, at 6 per cent per annum? * Accounts current afford a useful application of the principles of Interest. Specimens of this kind of accounts are shown, and there follows two methods of calculating the interest on it. I believe the first is that most in use. 100. Dr.... A. B. in account current with C.D.... Cr. How much principal and interest due to A. B. on the first of the following year, at 6 per cent. per annum? 101. Dr. J. R. in account current with N. D....Cr. 1818. March 5, To Cash.. 500 00 May 1, To Cash. .750 0 0 August 4, To Cash..480 0 0 Nov. 10, To Cash..300 00 April 7, By Cash..400 0 0 July 6, By Cash.. 800 0 0 Aug. 29, By Cash..600 0 0 Dec. 1, By Cash..230 0 0 How much is due to J. R. on the 1st of December, for interest on this account, at 6 per cent. per annum ? |