The teacher that wishes other examples of this kind can use 9 and 10 of Art. 1309, and 12, 14, and 15 of Art. 1310, the answers to which are as follows: Art. 1309. 9. $ 1734. 10. $738.29. Art. 1310. 12. $1901.18. 14. $ 3432.20. 15. $ 1010.95. 1309. Pupils in New Hampshire should not be taught the preceding method, but should be confined to the rule laid down by the courts of their own state. An examination of 8 will show the manner of ascertaining the balance. The interest for 1 year is $36. As no interest is due except that which accrued during the year, and as the sum paid is less than the interest due, no interest is allowed on the payment of $30, made during the year. This payment being $6 less than the interest due at the end of the year, the interest on $6 is added to the interest on the principal at the end of the next year, making a total of $ 642.36 then due less the amount of $ 100 for 11 months. Interest is allowed on the $ 100 payment because it is in excess of the interest then due. $ 2500.00 . . . . . . . . . . . ... $ 50.00 3.00 9. Principal . . Annual interest due May 1, 1897 Payment (no interest) Oct. 1, 1896 Balance of interest . . . Amount May 1, 1898. New principal May 1, 1898. . Balance of interest . . Interest on $ 1648 May 1 to Oct. 1. . . Interest on balance of interest, 5 mo. . Due Oct. 1, 1899 ... . ...... 203.00 $ 2703.00 1055.00 $ 1648.00 ... 91.30 $ 1739.30 Amounts brought forward . . . . $50.00 $ 1000.00 Annual interest due Jan. 3, 1897 . . . . 60.00 Interest on balance of interest, 1 yr. . . . . 3.00 Interest due Jan. 3, 1897 . . . . $ 113.00 Amount of payment March 14, 1896, 9 mo. 19 da. . 10.48 Balance of interest . : . . . $102.52 Annual interest due Jan. 3, 1898 . . . . 60.00 Interest on balance of interest, 1 yr. . . . . 6.15 Annual interest due Jan. 3, 1899 . 60.00 Interest for 1 year on $ 102.52 and $ 60 . i . 9.75 238.42 Amount Jan. 3, 1899 . $ 1238.42 Amount of $500, Sept. 30, 1898, to Jan. 3, 1899. . 507.75 New principal Jan. 3, 1899. . $ 730.67 Interest on $ 730.67 to March 11, 2 mo. 8 da. . 8.28 Due March 11, 1899 . . . . . $ 738.95 NOTE. — The amount of the payment of March 14 canceled the $3 interest on interest and $ 7.48 additional, leaving $ 102.52 interest still unpaid Jan. 3, 1897 on which two years' interest is taken to Jan. 3, 1899. Two years' interest on the principal is also taken, and one year's interest on the annual interest due Jan. 3, 1898 and unpaid. It will be noticed that no interest is taken on the interest upon interest, $3 and $6.15. See 14 of Art. 1310, as calculated by the N.H. rule:Principal . $3000.00 Interest to March 17, 1900, 4 yr. . $ 720.00 $ 43.80 Interest to March 17, 1903, 3 yr. 540.00 Interest on $ 180 (3 + 3 + 3 + 3 + 2 + 1) yr. 162.00 205.80 Total interest due March 17, 1903. $ 1465.80 Amount of $ 1000, 6 mo. . . . . 1030.00 435.80 Due March 17, 1903 . . . $ 3435.80 Note. — Interest is not taken on $ 43.80. As additional examples, the teacher may use 7 of Art. 1308, and 12, 14, and 15 of Art. 1310. The answers by the N.H. method are 7, $ 767.60; 12, $ 1901.27 ; 14, $ 3435.80; 15, $ 1011.40. ... 1310. Vermont pupils should omit Arts. 1307, 1308, and 1309. 12. Principal . . . $ 2500.00 Annual interest due June 1, 1897 . . . 309.00 Amount June 1, 1897. $ 2809.00 Amount of $ 100 to June 1, 1897 $ 104.00 Payment June 1, 1897 . . . . 1000.00 1104.00 New principal · · · · $ 1705.00 Annual interest to June 1, 1899. $ 210.74 Amount of $ 50, 7 mo. . .. 51.75 Unpaid interest . . $ 158.99 Interest on $ 1705 to settlement . 34.10 Interest on $ 158.99 to settlement 3.18 196.27 Due Oct. 1, 1899. . $1901.27 ... ... ... $ 60.00 10.35 $49.65 60.00 2.98 . $112.63 10.48 . $102.15 . 120.00 . 12.26 . 3.60 13. Principal Jan. 3, 1895 Interest due Jan. 3, 1896 . . Amount of $ 10, 7 mo. 2 da. . Balance of interest Interest due Jan. 3, 1897 . 1 year's interest on $ 49.65 . Total interest . Interest on $ 1000 for 2 years . . . . 2 years' interest on $ 102.15 . . . . 1 year's interest on $ 60 . . . . . Amount Jan. 3, 1899 . New principal Jan. 3, 1899 . . . Due March 11, 1899 . . . . $3000.00 $ 720.00 14. Principal March 17, 1896 Amounts brought forward . . $ 43.80 3 years' interest to March 17, 1903 . Interest on yearly interest, 3 yr. on $ 720 (2 + 1) yr. on $ 180 . . . . 162.00 Total interest due March 17, 1903 . Amount of $ 1000 to March 17, 1903. . Due March 17, 1903 . . .. o . . 10.42 · 15. Principal Feb. 25, 1893. $ 1200.00 Annual interest to Feb. 25, 1897, 4 yr. . 313.92 Amount Feb. 25, 1897. $ 1513.92 Amount of $ 400, 11 mo. 29 da. . . 423.93 New principal Feb. 25, 1897 . . . . $ 1089.99 Annual interest on $ 1089.99, 2 yr. .. $ 134.72 Amount of $ 10, 8 mo. 14 da. . Unpaid interest Feb. 25, 1899 . . $124.30 Annual interest on $ 1089.99, 2 yr. 134.72 Interest for 2 yr. on $ 124.30 . . 14.91 273.93 Amount Feb. 25, 1901. . . . . $ 1363.92 Amount of $ 400, 4 mo. 29 da. . . . . . 409.93 New principal Feb. 25, 1901. . $953.99 Annual interest on $ 953.99, 1 yr. 1 da. . . . 57.41 $ 1011.40 As additional examples, 7 and 9 may be used. The answer to 7 by the Vermont rule is $ 766.75; to 9, $ 1733.73. |