25. Which is the most, the compound interest of $520 for 5 yrs., or the discount of the same sum for the same time? A. Compound interest, by $55,877. 26. If 300 men, in 6 months, perform a piece of work when the days are 12 hours long, how many men will do the same in 4 months, when the days are only 8 hours long? A. 675 men. 27. What is the difference of time between April 1st, 1826, and June 15th, 1829?-3,2,14. Between March 19th, 1829, and August 20, 1826-2,6,29. Between July 5, 1800, and February 16, 1826-25,7,11. A. 31 yrs., 4 mo., 24 days. 28. What is the interest of $120,60, from June 1, 1828, to June 16, 1829?-7537. From May 15, 1824, to August 29, 1830-45506. From October 10, 1825, to November 1, 1828?2213. A. $75,173+. ¶ LXXV. IN COMPUTING INTEREST ON NOTES, When a settlement is made within a short time from the date or commencement of interest, it is generally the custom to proceed according to the following RULE. Find the amount of the principal, from the time the interest commenced to the time of settlement, and likewise the amount of each payment, from the time it was paid to the time of settlement; then deduct the amount of the several payments from the amount of the principal. Exercises for the Slate. 1. For value received, I promise to pay Rufus Stanly, or order, Three Hundred Dollars, with interest. April 1, 1825. $300 PETER MOSELY Time. 3, 2, 6, 1, 11, 15, 4. On this note were the following endorsements :- What was due April 1, 1828? Ans. $60,73. CALCULATION. The first principal on interest from April 1, 1825.. Interest to April 1, 1828, (36 mo.).. Amount of principal.. First payment, Oct. 1, 1825... .$300,00 54,00 $354,00 .$100,00 .......... 15,00 50,00 5,87 120,00 2,40 .$293,27 .$60,73 Amount of payments deducted.. 2. For value received, I promise to pay Peter Trusty, or order, Five Hundred Dollars, with interest, July 1, 1825. $500. July 16, 1826, received $200 JAMES CARELESS. ENDORSEMENTS. Time. Jan. 1, 1827, 66 $ 40 3, 15, 2, 1, March 16, 1827, 66 $230 6, 15, 1, 4. Ans. $75,15. What remained due July 16, 1828? 3. For value received, I promise to pay William Stimpson, or order, One Thousand Dollars, with interest. Jan. 16, 1820. $1000. What remained due Jan. 16, 1823? Ans. $203,50 MASSACHUSETTS RULE. "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. Oct. 16, 1827, $150 What was there due August 31, 1828? Ans. $194,41. The principal, $600, on interest from March 1, 1822. Payment, May 1, 1823, a sum greater than the interest.. 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...... 80,00 .$391,83 Due June 16, 1924, forming a new principal... .$304,99 Due March 1, 1826, forming a new principal.... Amount.. .$334,72 Payment, Oct. 16, 1827, a sum greater than the interest then due..... 150,00 .$184,72 Due Oct. 16, 1827, forming a new principal... $194,41 9,69 Balance due Aug. 31, 1828.............. 2. For value received, I promise to pay Asher L. Smith, or order, Nine Hundred Dollars, with interest. June 16, 1820. $900. WILLIAM MORRIS ENDORSEMENTS. July 1, 1821, received $150 Time. Sept. 16, 182, Dec. 10, 1824, $ 10 2, 15, 2, June 1, 1825, $20 11, 1, 6, Aug. 16, 1825, March 1, 1827, 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 Thou sand Dollars, with interest. June 16, 1824. $1000. JAMES PAYWELL. What was due August 26, 1828? Ans. $507,86. $682,13 amount. 218,00 4th payment. $464,13 due February 16, 1828. 14,19 interest to August 26, 1828, (6 months.) $178,82 due August 26, 1828, the time of settlement. * 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 2. For value received, I promise to pay John P. Smith, or order, Eight Hunred and Seventy-five Dollars, with interest. January 10, 1821. Operations in compound numbers, as pounds, shillings, for instance, may be chortened 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? £.; then, of 28 bushels is the cost in pounds, In this example, 10 s. thus, 28214£., Ans. 2. What will 40 bushels of wheat cost, at 5 s.= £. a bushel? At 10 s. £.? At 4 s.£.? At 1s.= = =zb£.? 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 ¶ XXVIII. Exercises for the Slate. = 1. What will 8640 yds. of cloth cost, at 10s. £. a yd.?At 6 s. 8d.}£.?-2880. 4320. At 5 s.£. ?-2160. £.-1080. At 1s. 8d.£. ?–720. At = 576. At 1 s. 3 d.£. ?-540. At 1s.£. ?-432. 10 d. 24624£.?-360. At 8 d. = - At 3£.?-288. At 5 d. = £.?-180. At 23 d.g£. ?-90. A. 16794£. Note.-The aliquot parts of a pound, in the following examples, may found in the former examples. 2. What cost 20 gallons of brandy, at 6 s. 8 d. per gallon?6,13,4. 3. What cost 8 yds. 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?-3,15. Ans. 20£. 13 s. 4 d. |