13. William Rutter, of Denton, owes Mr John Ward feventeen pounds five fhillings, and, on the 2d of September, 1790, he gives him a note for it, on demand, but not negotiable. The above note is defired to be drawn out?

14 John Weddell, fon of William Weddell, borrows of Mr John Todd, of Denton, September 2d, 1790, fifty pounds, for the use of his father; and gives Mr. John Todd a note for it, dated at Yarm, and payable to himself or bearer, three months after date. You are defired to draw up the above note?

15. Thomas Watson, clerk to Meffrs Garforth and Co. gives a note to William Rutter, dated York, Sept. 2d 1790, for five hundred pounds, payable to order, fifteen days after date. The form of the above note is demanded?

INTERE

S T.

INTEREST is the premium that is paid by the borrower to the lender, for the loan or use of money; and is of two forts, fimple and compound intereft.

SIMPLE

INTEREST.

Simple intereft is the premium that is paid for the use of the principal only, no recompence being made to the lender for delay in the payment of the interest, how long foever it may remain unpaid.

N

OT E.

The fum lent is called the principal.

The premium, or confideration given for the use of the principal, is called the intereft.

Which premium is generally at the rate of fo much, for the ufe of one hundred pounds for a year, called the rate per cent. per annum.

The fum of the principal and intereft is called the

amount,

L

CASE

a

To find the interest of any fum of money for a year.

R U L E.

Multiply the principal by the rate per cent. then, divide the product by 100, and the quotient will be the intereft required. Or, take the aliquot part or parts, with the given rate, that are in 100.

It will confiderably fhorten the operation, and anfwer the fame purpofe, if you cut off two figures to the right-hand of the dividend, inftead of dividing by 100 at length.

EXAMPLE S.

1. What is the intereft of 4811. 10s. 6d. for a year, per cent. per annum?

at 4

2. What is the interest of 5751. 1os. 2d. for a year, Anf. 281. 15s. 6d.

at 5 per cent. per ann?

3. Required the amount of 2151. 11s. 4d. for a year, at 4 per cent. per ann. ? Anf. 2241. 38. 94

d.

4. I borrowed of my friend 200 guineas, at 44 per cent. per annum; how much may he demand for intereft at the year's end? Anf. 81. 18s. 6d.

5. John lent Thomas 3181. 11s, 8d. at 4 per cent. per annum; how much money muft Thomas return, at the end of one year, to discharge the debt?

Anf. 3321. 18s. 4 d. 6. I borrowed 3751. 10s. 6d. upon bond, at 4 per cent. per ann. which money I repaid at the end of one year. I paid 16s. 4d. for filling up the bond, and 158. 3d. for the ftamp. How much money was I out of pocket by this tranfaction?

Anf. 3941. 18s. 94 47d.

7. I demand the amount of 274 moidores, for a year,

at 6 per cent. per ann. ?

Anf. 3921. Is. 10 d.

Multiply the interest of one year, by the number of years, and the product will be the answer. Or, mul

tiply the rate per cent. by the time, and take aliquot parts, from the principal, with the product.

EXAMPLE S.

1. What is the interest of 350l. 118. 4d. for 12 years, at 4 per cent. per annum?

2. Required the amount of 210l. 158. 9d. for 7 years, at 34 per cent. per annum ?

Anf. 2581. 148. 98d. 3. I demand the intereft of 751. 10s. 2d. for 5 years, at 4 per cent. per annum ? Anf. 171. 18s. 74 8d. 4. Lent 215 guineas, for 7 years, at 5 per cent. per annum; how much may I demand for both principal and intereft? Anf. 3041, 158. 3d. 5. Borrowed 2251. for 4 years, at 44 per cent. per annum, and 320l. for 7 years, at 3 per cent. per

annum ;

annum; how much money will pay the principal and intereft of both these fums? Anf. 6711. 158. od. 6. What is the intereft of 130 quarter-guineas, and 38 half-guineas, for 9 years, at 5 per cent. per annum ? Anf. 241. 6s d.

63

To find the intereft of any fum of money, when aliquot parts of a year are used.

RULE.

Find the intereft for one year, out of which take the required parts: then, add this fum to the interest of a year or years, if any be given, and it will be the answer.

EXAMPLE S.

1. What is the intereft of 2121. 11s. 6d. for 3 years, at 3 per cent. per annum?