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2d. They forbid persons to receive interest at more than some given rate.

3d. They impose penalties for their violation.

(c.) Any excess over the rates allowed by these laws is called USURY.

(d.) In most States, the legal rate is also the highest rate allowed by law, even on special contracts.

(e.) The legal rate of interest in the several States of the Union, Jan. 1, 1858, was as follows:

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7 per cent in New York, South Carolina, Georgia, Michigan, and Minnesota.

8 per cent in Alabama and Texas.

10 per cent in California.

6 per cent in the rest of the Union, in the United States' Courts, and in the British Provinces.

(f) By special written contract, as high as 8 per cent may be received in Florida and Louisiana; as high as 10 per cent in Mississippi, Ohio, Illinois, Iowa, Missouri, Michigan, and Arkansas; as high as 12 per cent in Texas; and any rate whatever in California. In Wisconsin, interest exceeding 12 per cent cannot be collected by law.

(g.) The legal rate of England and France is 5 per cent.

NOTE. In this treatise, 6 per cent is to be understood in all cases where the rate is not specified.

109. To compute Interest at 6 per cent.

(a.) 6 per cent per year, interest for 2 months is of 6 per cent, or 1 per cent of the principal, which may be found by removing the decimal point two places towards the left, and is as many cents as there are dollars in the principal.

ILLUSTRATIONS. The interest for 2 months of $64 is $.64; of $379 is $3.79; of $856.73 is $8.567; of $.90 is $.009, etc.

(b.) What is the interest of each of the following sums for 2

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(c.) Interest for 2 months being 1 per cent of the principal, interest for 1 month must be per cent of the principal; and, generally—

Interest for any number of months must be as many per cent of the principal as there are months.

ILLUSTRATIONS. At 6 per cent, interest for 8 mo. equals of 8 per cent, or 4 per cent of the principal; for 13 mo. it equals of 13 per cent, or 61 per cent of the principal.

10. What is the interest of $824.38 for 9 mo. 15 da.?

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SOLUTION. At 6 per cent per year, interest for 9 mo. 15 da., or 915, or 9 mo., must equal of 9 per cent, or 4 per cent. of the principal, Hence, the required interest is 42 per cent, or .04 of $824.38, which is $39.158.

NOTE. The denominations below mills need not be given in the answer; but if the number of tenths of a mill is more than 5, 1 should be added to the number of mills. Care should be taken, especially when multiplications are to be made, to carry out the work far enough to secure accuracy in the mills' place.

11. What is the interest of $849.64 for 4 mo.?

12. What is the interest of $927.38 for 9 mo.?

13. What is the interest of $25768 for 1 yr. 6 mo.?
14. What is the interest of $537.89 for 7 mo. ?
15. What is the interest of $26.59 for 11 mo.?
16. What is the interest of $876.28 for 2 yr. 5 mo.?
17. What is the interest of $37.94 for 8 mo. 20 da. ?
18. What is the interest of $869.73 for 4 mo. 16 da.?
19. What is the interest of $3.89 for 11 mo. 6 da. ?
20. What is the interest of $694.83 for 15 mo. 11 da.?
21. What is the interest of $297.38 for 13 mo. 19 da.?
22. What is the interest of $528.73 for 11 mo. 7 da.?

(d.) 6 days being 1 of 2 months, or of 60 days, interest for 6 of 1 per cent, which is .001 of the principal.

days must equal

Hence

(e.) Interest for any number of days must be as many thousandths of the principal as there are days.

ILLUSTRATIONS.-Interest for 1 mo. 18 da. or for 48 .008 of the principal. Interest for 1 mo. 23 da. or 53 da. of the principal.

days of .048:

=

=

of .053 =.0085

(f.) Apply these principles to the solution of the following examples.

23. What is the interest of $824.38 for 9 mo. 15 da.?

SOLUTION.-9 mo. 15 da.

=

285 da., and interest for 285 da. = = .047 of the principal. .047 of $824.38

=

=

$39.158 = Ans.

NOTE.-Many business men adopt this method exclusively.

of .285

24. What is the interest of $637.28 for 2 mo. 12 da.?
25. What is the interest of $759.42 for 1 mo. 24 da.?
26. What is the interest of $928.64 for 11 mo. 18 da.?
27. What is the interest of $379.48 for 3 mo. 19 da.?
28. What is the interest of $694.83 for 5 mo. 16 da.?
29. What is the interest of $287.29 for 10 mo. 10 da.?
30. What is the interest of $150 for 6 mo. 25 da.?
31. What is the interest of $369.50 for 1
32. What is the interest of $278.75 for 3 yr. 5 mo. 18 da.?
33. What is the interest of $908.62 for 2 yr. 11 mo. 17 da.?

yr. 1 mo. 1 da.?

(g.) Some combine the last two methods, thus: Add as many hundredths as there are months to as many thousandths as there are days, and multiply the principal by the result.

=

34. What is the interest of $543.28 for 1 yr. 7 mo. 17 da.?

SOLUTION.1 yr. 7 mo. 17 da.

= 19 mo. 17 da. Interest for 19 mo. =

of.19 .091, or .095 of the principal, and interest for 17 da.

=

of .017 .095+.002 $53.151, the interest required.

.002 of the principal. Hence, interest for 19 mo. 17 da. = .097§ of the principal. .097% of $543.28

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(h.) Perform the following examples by this method:

35. What is the interest of $329.48 for 8 mo. 24 da.?
36. What is the interest of $286.37 for 14 mo. 12 da. ?
37. What is the interest of $579 for 7 mo. 18 da.?

38. What is the interest of $636.12 for 1 mo. 15 da. ?
39. What is the interest of $256.69 for 3 mo. 21 da.?
40. What is the interest of $158.36 for 1 yr. 2 mo. 17 da.?
41. What is the interest of $807 for 2 yr. 5 mo. 29 da.?
42. What is the interest of $425.30 for 1 yr. 3 mo. 6 da.?
43. What is the interest of $900 for 3 yr. 2 mo. 11 da.?
44. What is the interest of $829.37 for 4 yr. 8 mo. 2 da.?

(i.) Perform the following examples by the method which you regard as most convenient.

45. What is the interest of $671.38 for 5 mo. 9 da. ?
46. What is the interest of $328.16 for 14 mo. 15 da. ?
47. What is the interest of $69.84 for 23 mo. 28 da. ?
48. What is the interest of $523.19 for 1 mo. 10 da.?
49. What is the interest of $4798 for 1 yr. 3 mo. 12 da.?
50. What is the interest of $1384 for 21 mo. 12 da.?
51. What is the interest of $697.39 for 1 mo. 5 da. ?
52. What is the interest of $57 for 9 mo. 18 da.?
53. What is the interest of $853.65 for 2 mo. 3 da. ?
54. What is the interest of $1798.56 for 2 yr. 3 mo. 9 da.?

55. What is the amount of $52.96 for 16 mo. 24 da. ?
56. What is the amount of $697 for 15 mo. 15 da. ?
57. What is the amount of $257.36 for 7 mo. 7 da.?
58. What is the amount of $950.75 for 4 mo. 15 da.?
59. What is the amount of $2167 for 17 mo. 19 da.?
60. What is the amount of $625.50 for 9 mo. 12 da. ?
61. What is the amount of $379.68 for 21 mo. 11 da. ?
62. What is the amount of $5843 for 11 mo. 27 da. ?
63. What is the amount of $327.96 for 18 mo. 1 da.?

64. What is the amount of $93.24 for 3 mo. 18 da.? 65. What is the amount of $2978.15 for 3 mo. 15 da. ? 66. What is the amount of $137.28 for 16 mo. 21 da.?

110. Interest at 6 per cent for Multiples and Divisors of 200 Months.

(a.) Since at 6 per cent, interest for 2 months is 1 per cent of the principal, interest for 20 months must equal 10 per cent, or to, of the principal, and interest for 200 months must equal 100 per cent of the principal, or the principal itself. Hence

(b.) Interest for of 200 months, or 100 months, equals of the principal; interest for of 200 months, or 66 months 20 days, equals of the principal, etc.; and interest for of 20 months, or 10 months, of of the principal; interest for of 20 months, or 6 mo. 20 da., equals of of the principal, etc.

(c.) These considerations will suggest very simple methods of computing interest for any convenient multiples, or fractional parts of 2 mo., 20 mo., or 200 mo. They may be applied in the solution of the following examples.

1. What is the interest of $547.96 for 33 mo. 10 da. ?

SOLUTION. 33 mo. 10 da. = 33} mo. = of 200 mo. Hence, the required interest equals of the principal, or of $547.96, which is $91.326.

2. What is the interest of $84.28 for 200 mo.? 3. What is the interest of $60.72 for 100 mo. ? 4. What is the interest of 36.60 for 66 mo. ? 5. What is the interest of $24.33 for 50 mo. ? 6. What is the interest of $21.75 for 40 mo. ? 7. What is the interest of $18.72 for 33 mo.? 8. What is the interest of $29.75 for 25 mo.? 9. What is the interest of $54.80 for 20 mo. ? 10. What is the interest of $13.74 for 163 mo.? 11. What is the interest of $75.30 for 13 mo.?

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