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285,2250

950,75×5=4753,75)285,2250(,06-6 per cent

Ans.

Ans. 6 per cent.

2. At what rate per cent. will 5677. 10s. amount to 873l. 19s. in 9 years? 3. At what rate per cent. will 340 dols. 25 cts. amount to 626 dols. 6 cts. in 12 years?

4. At what rate per cent. will 956. 10s. 4,125d. in 83 years P

CASE IV.

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Ans. 7 per cent. 645l. 15s. amount to fius. 54 per cent.

cent, given, to find

Subtract the principal from the amount; divide the remainder by the product of the ratio and principal; and the quotient will be the time.

EXAMPLES.

1. In what time will 950 dols. 75 cts. amount to 1235 dollars, 97,5 cents, at 6 per cent. per annum ?

From the amount $1235,975

Take the principal

950,75

285,2250

950,75X06-57,0450)285,2250(5 years, Ans.

2. In what time will 5677. 10s. amount to 8731. 19s. per cent. per annum ?

at 6

Ans. 9 years. 3. In what time will 340 dols. 25 cts. amount to 626 dols. 6 cents at 7 per cent. per annum ? Ans. 12 years. 4. In what time will 6451. 15s. amount to 9561. 10s. 4,125d. at 54 per ct. per annum ? Ras.3,75-93 years.

TO CALCULATE INTEREST FOR DAYS.

RULE.

Multiply the principal by the given number of days, and that product by the ratio; divide the last product by 365 (the number of days in a year) and it will give the interest required

EXAMPLES.

What is the interest of 360l. 10s. for 146 days, at 6 cent. P

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Ans. $10,53cts.+ Ans. £4,1235=41. 2s. 54d.+ 3. Required the interest of 2501. 17s. for 120 days at 4. Required the interest of 481 dollars 75 cents, for 25 days, at 7 per cent. per annum? Ans. $2, 30cts. 9m.+ 5 per cent. per annum ?

2. What is the interest of 640 dols. 60 cts. for 100 days at 6 per cent. per annum ?

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

|Jan.Fev. Mar Ap'l. May June July Aug. Sept. Oct. Nov| Dec |
Jan. 365 334 30 275 245 214 184 155 122 92 61
51 365 357 306 276 245 215 184 153 123

Feb.

Mar

$1

92

62

(06

59 28 365 334 304 273 243] 212 181 151 120
59 31 365 335 304 274 248 212 182 151 121
611 30 365 334 304 278 242 212 181 151′

Apt. 90
May 120

69

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365 335 301| 273 243|212 182 30 $65 £34 303 973 240212!

61

31

61

92

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92

61 30 365 334 304

92

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Oct. 270 242 214 183 155 122

No 304 273 246 214 184 153 123 Dec. 534 303 275 244 214 183 153 122

8855

When interest is to be calculated on cash accounts, &c. where partial payments are made; 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.

EXAMPLES.

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 dollars; on the 11th of December, 400 dollars; on the 17th of February, 1801, 200 dollars; and on the 1st of June, 400 dollars; how much interest is due on the bill, reckoning at 6 per cent. F

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dolls, days. products.

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1801, February 17, Received in part, 200

June 1, Rec'd in full of principal, 400

400

Balance,

600 68

40800

Balance, 400 104 41600

Then $88600

,06 Ratio.

588600

Sets. m.

$65)23316,00(63,879 £ns. 65 87 9+ The following Rule for computing interest on any note, or obligation, when there are payments in part, or endorsements, was established by the Superior Court of the State of Connecticut, in 1784.

RULE.

"Compute the interest to the time of the first pay

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 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 payment be made before one year's interest bath ac crued, 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." Kirby's Reports, page 49.

EXAMPLES.

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.

1st payment February 19, 1798.

2d payment June 29, 1799.

3d payment November 14, 1799.

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200

500

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, 1798-134 months.

1067,50 amount.

[Carried up

*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 he 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.

200,00 first payment deducted.

[Brought up.

867,50 balance due, February 19, 1798.

70,845 Interest to June 29, 1799=161 months.

938,345 amount.

500,000 second payment deducted.

438,345 balance due, June 29, 1799.

26

Interest for one year.

464,645 amount for one year.

269,750 amount of third payment for 7 months.*

194,895 balance due June 29, 1800.

mo. da.
5,687 Interest to December 24, 1800, 5 25

200,579 balance due on the Note, Dec. 24, 1800.
RULE II.

Established by the Courts of Law in Massachusetts 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."

$ cts.

9,75

#260,00 third payment with its interest from the time it was paid, up to the end of the year, or from Nov. 141799, to June 29, 1800, which is 269,75 amount.

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