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A TABLE, showing the number of Days from any day of one month,
to the same day of any other month.
FROM ANY DAY OF
Ans. $10,53cts. + What is the interest of 3601. 10s. for 146 days, at 6
f. s. d. qrs.
=86528 13 0 1,9 Ans. 2. What is the interest of 640 dols. 60 cts. for 100 days 3. Required the interest of 9507. 173. for 126 days at
Ans. 64,1235=4l. 2s. 5 id.to 4. Required the interest of 48î dollars 75 cents, for 25 days, at 1 percent per annum ? Airs. $2, 30cts. 9m.t 360,5 x 146x,06
565 at 6 per cent, per annum ? 5 per cent. per annum ?
i cent. ?
Jan. Teu ay; Wp7. May June July Aug. Sept. Oct. Noul Dec
89 50 365 334 504 278 212 212 181 151
when interest is to be calculated on cash accounts, &c. where partial payments are maile ; multiply the several balances into the days they are at interest, then multiply the sum of these products by the rate on the dollar, and divide the last product by 365, and you will have the whole interest due on the account, &c.
Lent Peter Trusty, per bill on demand, dated 1st of June, 1800, 2000 dollars, of which I received back the 19th of August, 400 dollars: on the 15th of October, 600 dollais; on the 11th of December, 400 dollars ; on the :7th of February, 1801, 200 dollars ; and on the 1st of Jure, 400 dollais; how much interest is due on the bill, reckoning at 6 per cent. : 1600,
do!!s. deys. products. June 1, Principal per pill, 2000 79 1 158000 August 19, Received in part, 400
588600 Then 388600 ,06 Ratio.
S cts. ???. $65) 98316,00(03,879 Fus. 65 87 94 The following Ilule for computing interesi on any note, or obligation, when there are payments in part, or endorsements, was established by the Superior Court of the Slnie of Connecticut, in 1781.
RULE. “ Compute the interest to the time of the first paya
ment; if that be one year or more from the time the interest commenced, add it to the principal, and deduct the payment from the sun 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 man:ver from one payment to another, till all the payments are absorbed; provided the time between one payinent and another be one year or more. But if any payment be made before ore year's interest 'rath ac crued, then compute tie 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 «f 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 compted but only on the principal sum for any period.”
Kirbij's Reporis, page 49. A bond, or note, dated January 4th, 1797, was given for 1000 dollars, interest at 6 per cent, and there were payments endorsed upon it as follows, viz. Ist payment February 19, 1798.
200 2d payment June 29, 1799.
500 3d payment November 14, 1799.
260 I demand how much remains due on said note the 24th of December, 1800 ? 1000,00 dated January 4, 1797.
67,50 Interest to February 19, 1798=15 4 months.
*If a year does not extend beyond the time of final settlement; but if it does, then find the amount of the principal sum due on the obligation, up to the time of settlement, and likewise find the amount of the sum paid, from the time it was paid, up to the time of final settlement, and deduct this amount from the amount of the principal. But if there be several payments made within the said time, find the amount of the several payments, from the time they were paid, to the time of settlement, and deduct their amount from the amount of the principal.
1067,50 amount. [Brought up. 200,00 first payment deducted.
867,50 balance due, February 19, 1798.
438,345 balance due, June 29, 1799.
464,645 amount for one year.
194,895 balance due June 29, 1800. mo. da.
200,579 balance due on the Note, Dec. 24, 1800. RULE II. Established by the Courts of Law in JMassachusetts for
computing interest on notes, &c. on which partial payments have been endorsed.
“Compute the interest on the principal sum, from the time when the interest commenced to the first time when a payment was made, which exceeds either alone or in conjunction with the preceding payment (if any) the interest at that time due : add that interest to the principal, and from the sum subtract the payment made at that time, together with the preceding payment (if any) and the remainder forms a new principal; on which compute and subtract the payments as upon the first principal, and proceed in this manner to the time of final settlement.”
Let the foregoing example be solved by this Rule. À note for 1000 dols. dated Jan. 4, 1797, at 6 per
cente 1st payment February 19, 1798.
$200 2d payment June 29, 1799.
500 3d payment November 14, 1799.
260 How much remains due on said note the 24th of De cember, 1800 ?
$ cts. Principal, January 4, 1797,
1000,00 Interest to Feb. 19, 1798, (13) 210.)
Remains for a new principal,
November 14, 1799, paid
Remains a new principal,
Balance due on said note, Dec. 24, 1800,
By Rule II. 200,990
Difference, 0,411 Another Example in Rule II. A bond or note, dated February 1, 1800, was given for 500 dollars, interest at 6 per cent. and there were pay ments endorsed upon it as follows, viz. $ cts. 1st payment Vay 1, 1800,
40,00 Od payment November 14, 1800,