In a few copies of the United States Arithmetic, being those first published, it is stated that banks calculate the discount (or, more correctly, the interest) on a note discounted, for the number of days intervening between the day when discounted and the last day of grace, when the note is payable. The answers to the examples, resulting from this rule, are given below. But banks in this country universally take interest for one day more than the time stated above, because they cannot reloan a sum of money until the day after it is paid into bank, as the payment may not be made until a moment before the hour for ceasing business. The answers given above are adapted to the actual usage of banks. |