« ΠροηγούμενηΣυνέχεια »
A TABLE, showing the number of Days from any day of one manth,
to the same day of any other month.
FROM ANY DAY OF
Ans. $10,53cts. +
Ans. $2, 30cts. Om.t What is the interest of 360l. 105. 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
Ans. [4,1235=4l. 2s. 5 id. t 3. Required the interest of 2501. 173. for 120 days at 4. Required the interest of 48î dollars 75 cents, for 25 360,5 x 146,06
365 at 6 per cent. per annum ? days, at 7 percent. per annum ? 5 per cent. per annum ?
r cent. ?
Jan. Teu., Mar Ap??. May June July Aug. Sept. Oct. Noul Dec
51 365 357 306 276 245 215) 184) 153 123 92 621
591 31 365 335 304 374 9451 212 182 151 121
50 365 334 504 278 242 212 181 151 June 1511 120 92
31 565 335 301 275 245 212 182
311 565 $35 304 274
611 50 365
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 suis 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 rath 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 «f the year; add it to the sum paid, and deduct that sum from thie 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 coinputed but only on the principal sum for any period.”
Kirbi's Reports, 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. 1st payment February 19, 1798.
200 2d payment June 29, 1799.
500 Su payment November 14, 1799.
260 I demand bow 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.
year does not extend beyond the time of final settles ment; 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 settlementing and deduct their amount from the amount of the principal.
867,50 balance due, February 19, 1798.
438,345 balance due, June 29, 1799.
194,895 balance due June 29, 1800.
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 paya ments have been endorsed.
6 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, *260,00 third payment with its interest from the time it 9,75 was paid, up to the end of the year, or fror
Nov. i 4,999. to June 29, 1800, which is * 269,75 amount.
Let the foregoing example be solved by this Rule. Å 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) ano.) 67,50
Amount, 1067.50 Paid February 19, 1798,
200,00 Remainder for a new principal,
867,50 Interest to June 29, 1799, (164 mo.) 70,84
Amount, 938,54 Paid June 29, 1799,
Remains for a new principal,
November 14, 1799, paid
Remains a new principal,
Balance due on said note, Dec. 24, 1800, 200,90
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 May 1, 1800,
40,00 2d payment November 14, 1800,