EXAMPLES. 1. What is the interest of 341 dols. 52 cts. for 7 months? 2)341,52 Or thus, 170,76 Int. for 1 month. 1280,70 Ans. 1280,7cts. $12, 80cts. 7m. 2. Required the interest of 10 dols. 44 cts. for 3 years; 5 months, and 10 days. 2)10,44 10 days=1) 5,22 interest for 1 month, 41 months. 5,22 208,8 214,02 ditto for 41 monthis: 1,74 ditto for 10 days. 215,76 cts. Ans. =$2, 15 cts. 7 m.† 3 What is the interest of 342 dollars for 11 months? Theis 171 interest for one month: 11 Ans. 1881 cts. $18, 81 cts. NOTE. To find the interest of any sum for two months, at 6 per cent. you need only call the dollars so many cents, and the inferior denominations decimals of a cent, and it is done: Thus, the interest of 100 dollars for two months, is 100 cents, or one dollar; and $25, 40 cts. is 25 cts. 4 m. &c. which gives the following RULE II.--Multiply the principal by half the number of monthis, and the product will show the interest of the given time, in cents and decimals of a cent, as aboves EXAMPLES. 1. Required the interest of 316 dollars for 1 year and 10 months, 11=the number of mp, Ans. 3476 cts. $34, 76 cts. 2. What is the interest of 364 dols. 25 cts, for 4 months? III. When the principal is given in federal money, at 6 per cent. to find how much the monthly interest will be in New-England, &c. currency. RULE.-Multiply the given principal by ,03, and the product will be the interest for one month, in shillings and decimal parts of a shilling. EXAMPLES. 1. What is the interest of 325 dols. for 11 months? ,03 9,75 shil, int. for one month X11 months. Ans. 107,25 s.=£5 78. 3d. 1. What is the interest in New-England currency of 31 dols. 68 cts. for 5 months? Principal 31,68 dois. ,03 ,9504 Interest for one month. Ans. 4,7520s.—43. Qd. 12 IV. When the principal is given in pounds, shillings, &c. New-England currency, at 6 per cent. to find how much the monthly interest will be in federal money. RULB-Multiply the pounds, &c. by 5, and divide that product by the quotient will be the interest for one month, in cants, and deci. mals of a cent, &s, EXAMPLES. 1. A note for £411 New-England currency has been an interest one month; how much is the interest thereof in federal money? £. 411 3)2055 Ans. 685 cts. $6, 85 cts. 2. Required the interest of 391. 18s. N. E. currency, 7 months? L 39,9 decimal value. 5 for 3)199,5 Interest for 1 mo. 66,5 cents, 7 Ditto for 7 mo. 465,5 cts. $4, 65 cts. 5 m. Ans. * = V. When the principal is given in New-England and Virginia currency, at 6 per cent. to find the interest for a year, in dollars, cents, and mills, by inspection. BULA. Since the interest of a year will be just so many cents a's the given principal contains shillings, therefore, write down the shilJings and call them cents, and the pence in the principal made less by 1 if they exceed 3, or by 2 when they exceed 9, will be the mills, very nearly. EXAMPLES. 1. What is the interest of 21. 5s. for a year, at 6 per ċi. ? £2 5s 45s. Interest 45 cts. the Answer. 2. Required the interest of 100%. for a year, at 6 per ct. ? £100-2000s. Interest 2000 cts. $20 Aus. 3. Of 27s. 6d. for a year? Ans. 27s. is 27 cts. and Gd. is 5 m. 4. Required the interest of 57. 10s. 11d. for a year? £5 10s.=110s. Interest 110 ets.=$1, 10 cts. Ɑm. 11 pence.-2 per rule leaves 9— 9 VI. To compute the interest on any note or obligation, when there are payments in part, or endorsements. RULE.-1. Find the amount of the whole principal for the whole time. 2. Cast the interest on the several payments, from the time they were paid, to the time of settlement, and find their amount; and lastly, deduct the amount of the several payments from the amount of the principal. EXAMPLES. Suppose a bond or note dated April 17, 1793, was given for 675 dollars, interest at 6 per cent. and there were payments endorsed upon it as follows, viz. First payment, 148 dollars, May 7, 1794. Second payment, 341 dols. August 17, 1796. Third payment, 99 dols. Jan. 2, 1798. I demand how much remains due on said note, the 17th June, 1798? cts. 148, 00 first payment, May 7, 1794. Yr. mo. 36, 50 interest up to-June 17, 1798.=4 14 184, 50 amount 341, 00 second payment, Aug. 17, 1796. Yr. mo. 378, 51 amount. 10 Carried over.] cts. 99, 00 third payment, January 2, 1798. 2,72 interest to-June 17, 1798.—54 md. 884, 25 amount of the note. $219, 52 remains due on the note, June 17, 1798. 2. On the 16th January, 1795, I lent James Paywell 500 dollars, on interest at 6 per cent. which I received back in the following partial payments, as under, viz. 1st of April, 1796 16th of July, 1797 1st of Sept. 1798 $ 50 400 60 How stands the balance between us, on the 16th Novem her, 1800? £62 10s. Ans. due to me, $63, 18 cts. 3. A PROMISSORY NOTE, viz. New-London, April 4, 1797. On demand, I promise to pay Timothy Careful, sixty-two pounds, ten shillings, and interest at 6 per cent. per annum, till paid; value received. JOHN STANBY, RICHARD TESTIS. Endorsements. PETER PAYWELL £. s. 50 0 12 10 1st. Received in part of the above note, September 4, 1799, And payment June 4, 1800, How much remains due on said note, the 4th day of De cember, 1800, £. s. d. Ans. 9 12 6 |