Remainder for a new principal Interest on 970 dols. 55 cts. from Feb. 1, 1781, to July 1, 1781, dols. cts. 970 55 (5 months) 24 26 Amount 994 81 Remainder for a new principal Paid July 1, 1781, a sum exceeding the interest Interest on 954 dols. 81 cts. from July 1, 1781, to June 1, 1784, (2 years 11 months) 40 00 167 09 Amount 1121 90 Paid June 1, 1784, a sum exceeding the interest 500 00 Remainder for a new principal 821 90 laterest on 821 dols. 90 cts. from June 1, 1784, to Oct. 1, 1795, (1 year 4 months) 65 75 Amount 887 65 Paid Sept. 1, 1784, a sum less than the interest then due, Dis. 12 00 Remainder for a new principal 810 65 251 30 1061 95 Interest on 810 dols. 65 cts. from Oct. 1, 1785, to Dec. 1, 1790, the time when judgment is to be entered (5 years 2 months) Judgment rendered for the Amount ...... A TABLE, Shewing the number of Days, from any Day in any Month, to the same Day in any other Month, through the Year. From Jan. Feb. Mar.Ap. May.Jun. July.Aug.Sep Oc. Nov. Dec THE USE OF THE TABLE. Suppose the number of days between the 3d of May and the 3d of November was required; look in the column under May for November, and against that month you will find 184. If the given days be different, it is only adding or subtracting their inequality to or from the tabular number. Thus, from May 3d to Nov. 17th is 184+14=198 days, and from Nov. 17th to May 3d is 181-14-167 days. If the time exceed a year, 365 days must be added; thus from the 4th of February, 1798, to the 4th of Sept. 1799, is 212+365=577 days. NOTE. In leap years, if the end of the month of February be in the time one day must be added on that account. ..... COMPOUND INTEREST Is that which arises both from the principal and interest; that is, when the interest on money becomes due, and not paid, it is added to the principal, and interest is calculated on this amount as on the principal before. RULE. Find the simple interest of the given sum for one year, and add it to the principal, and then find the interest for that amount for the next year, and so on for the number of years required. Subtract the principal from the last amount, and the remainder will be the compound interest. EXAMPLES. 1. What is the interest of £.246 14s. 6d. for 3 years, at 6 per cent. per annum ? 246 14 6 6 amount of the first year. second year's interest. 41 amount of the second year. 2 15 third year's interest. 293 17 246 14 51 S O amount of the third year. 47 2 6 compound interest for 3 years. Ans. £.47 2s. 6d.. 2. What is the compound interest of £.760 10s. for 4 years, at 6 3. How much is the amount of £.128 17s. 6d. for 6 at 6 per cent. per annum, compound interest? years, Ans. £.182 16 23. 4. How much is the amount of 500 dollars, for 3 years, at 6 per cent. per annum, compound interest ? 5 1 20 595,50 the amount required. Ans. 595 d. 50 c. 5. What is the amount of 629 dols. for 7 years, at 6 per cent. per annum, compound interest? 6. How much is the compound years, at 6 per cent. per annum ? Ans. 945 dols. 78 cts. 3m. interest of 1256 dols. for 15 Ans. 1754 dols. 6 cts. 6 m. A TABLE shewing the amount of one pound or one dollar for any number of years under 33, at the rates of 5 and 6 per cent. per ann. compound interest. 2,18287, 2,54035 32 4,76494 6,45338 The use of this Table is plain and easy, for multiplying the figures standing against the number of years, by the given principal, the product is the amount required. labater number for question 6. Compound: interest. EXAMPLES. 7. What is the amount of 500 dollars, for 3 years, at 6 per cent. compound interest? 1,19101 the tabular number for the time. 595,50500 Ans. 595 dols. 50 cts. 8. A merchant, on inspecting some old accounts in March, 1799, finds a settlement dated March 1771, by which it appears there is due from him to A. B. £.2 8s. this sum he pays with compound interest at 6 per cent. per annum. The amount of it is required ? 5,11168 the tabular number for 28 years. 2,4 the principal with the shillings inserted decimally. 2044672 1022336 £.12,268032 20 s. 5,360640 12 d. 4,327680 qrs. 1,310720 Ans. £.12 5s. 41d. or 40 dols. 89 cts. 3ms. Calculated in Federal Money. 5,11168 8 dollars. dols. 40,89344 Ans. 40 dols. 89 cts. 3 mills, as above. COMMISSION AND BROKERAGE. COMMISSION and BROKERAGE are compensations to Factors and Brokers for their respective services. The method of operation is the same as in Simple Interest. EXAMPLES. 1. What is the commission on £.596 18 4, at 6 per cent. ? Or thus, £.5596 18 4. 596 18 4 2. What is the commission on 1974 dollars at 5 per cent.? 1974 98,70 Ans. 98 dols. 70 cts. 3. What is the commission on £.526 11 5 at 3 per cent.? Ans. £.18 87 4. What is the commission on £.1258 17 3 at 7 per cent.? Ans. £.93 3 11. 5. What is the commission on 2176 dols. 50 cents, at 2 per cent,? Ans. 54 dols. 41 cts. 2 m. 6. The sales of certain goods amount to 1873 dols. 40 cts. what sum is to be received for them, allowing 2 per cent. for commission, and per cent. for prompt payment of the neat proceeds ? Ans. 1821 dols. 99 cts. 9 m. L |