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268. Rule to find the Principal.

If the interest is given, divide it by the interest of $1 at the given rate for the given time, and the quotient will be the principal.

Or,

If the amount is given, divide it by the amount of $1 at the given rate for the given time, and the quotient will be the principal.

FORMULAS. p = i ÷ (r × t) ; P = a ÷ (1 + r × t).

123. What principal at 7% interest will gain $46.20 in 66 days?

124. What sum at 4% interest will amount to $318 in 1 year 6 months?

125. What sum at 5% interest will amount to $734.20 in 5 months 10 days?

126. What principal at 6% interest will give a quarterly income of $210?

127. How large a sum in the savings-bank at 5% interest will give a yearly income of $ 1200?

128. The interest on a note for 2 y. 6 mo. at 7% was $118.23. What was the face of the note?

129. What sum must be invested in stock paying 31% semiannually to yield $ 924 per year?

130. How much must I invest in U. S. 4% bonds to pay the college expenses of my son, $ 560 per year, with the income?

131. A gentleman owns stock in a manufactory which pays annually 9%. He receives quarterly $324. What sum has he invested?

132. Mr. V. is said to have an income of $ 5400 per day. If his income from railroad stock, paying 8%, is equal to his income from government securities, paying 4%, what is he worth?

87275

100°

PARTIAL PAYMENTS.

269. A Promissory Note.

Boston, Dec. 11, 1881.

One year after date I promise to pay Noble Towne, or order, eight hundred seventy two 100

75 dollars.

Value received.

Charles S. Davis.

270. A Promissory Note is a written promise to pay absolutely a specified sum of money for value received.

271. The Promisor, or Maker, of the note is the person who makes the promise to pay.

272. The Promisee, or Payee, is the person to whom the maker of the note promises to pay the money.

273. The Face of a note is the sum named in it.

274. A Negotiable Note is one payable to the bearer, or to the payee's order.

275. The Indorser of a note is the person who writes his name on its back as security for the payment of the note.

276. The Holder of a note is the person who owns it.

277. Partial Payments are payments in part of a note or debt.

278. Indorsements are records of the partial payments with their dates made on the back of the note.

279. A note matures, or is legally payable, on the third day after the time named in the note has expired.

280. A note draws interest from maturity at the legal rate, unless it contains the words " with interest." In such case interest accrues from the date of the note. Thus,

The preceding note draws 6% interest from Dec. 14, 1882, and the following note draws 7% interest from Dec. 28, 1881.

50075

100

281. Form of a Demand Note.

Albany, Dec. 28, 1881.

On demand we promise to pay Joseph Garland, order, five hundred 150 dollars, with interest at 7%.

Value received.

or

A. Manly & Co.

282. The Supreme Court of the United States has adopted for finding the amount due on a note on which partial payments have been made the following, called

The United States Rule.

Find the amount of the principal to the time when the payment, or the sum of the payments, equals or exceeds the interest due. Then subtract such payment or payments from the amount, and, with the remainder as a new principal, proceed as before to the time of settlement.

$304.

133.

PROVIDENCE, Dec. 8, 1876.

On demand, I promise to pay J. B. Anthony, or order, three hundred four dollars, with interest at 6%. Value received. WILLIAM C. THOMAS.

INDORSEMENTS: Sept. 25, 1877, $ 60; July 4, 1878, $ 90; Aug. 1, 1879, $10; Dec. 2, 1879, $100. What was due Jan. 7, 1881 ?

Principal.

Solution.

Int. from Dec. 8, 1876, to Sept. 25, 1877, 9 mo.

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Int. from Sept. 25, 1877, to July 4, 1878, 9 mo.

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$304.84

14.58

$319.42

60.00

$259.42

12.06

$271.48

90.00

$181.48

11.74

3.66

$196.88

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5.72

$92.60

New principal

Int. from July 4, 1878, to Aug. 1, 1879, 12 mo.

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Int. from Aug. 1, 1879, to Dec. 2, 1879, 4 mo. 1 d.

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Int. from Dec. 2, 1879, to Jan. 7, 1881, 13 mo.

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SPRINGFIELD, Jan. 6, 1880.

For value received, I promise to pay James Dennis & Co., or order, six hundred dollars, on demand, with interest at 7 per cent. BENJAMIN POOL, JR.

INDORSEMENTS: April 6, 1880, $50; Nov. 21, 1880, $60.50; March 31, 1881, $ 150. What was due June 30, 1881 ?

135. A note for $ 750, dated Oct. 12, 1880, had two indorsements, Dec. 27, 1880, $325; Aug. 7, 1881, $25. What

was due July 1, 1882, at 6 % ?

$1500.

136.

NEW ORLEANS, March 10, 1880.

Six months after date, we jointly and severally promise to pay John Hyde fifteen hundred dollars, with interest at 5 per cent. Value received. JOSEPH RAYMOND.

LOUIS BERNARDIN.

INDORSEMENTS: Nov. 25, 1880, $ 45; July 20, 1881, $ 500; Jan. 30, 1882, $ 600. What was due May 15, 1882?

137. May 16, 1881, I gave my note, on demand, with interest at 7%, for $563.50; Sept. 26, 1881, I paid $ 250. What was due May 16, 1882 ?

138. You borrow, Feb. 9, 1880, of Charles E. Lowe, $3000 by note, with interest at 5%, and pay $1000 March 9, 1881, and $800 Nov. 24, 1881; write the note and the indorsements on it in proper form, and find the balance due Mr. Lowe Jan. 3, 1882.

139. On a note for $1200, dated Aug. 7, 1880, drawing 4% interest, there were paid, May 13, 1881, $ 300; Nov. 23, 1882, $275. What is due Jan. 1, 1883 ?

140. What is due May 15, 1881, on a $ 6000 note drawing 7% interest, on which $400 was paid Aug. 11, 1879, $ 700 Dec. 15, 1880, the note being dated Jan. 1, 1879?

141. A note for $ 500, given Jan. 1, 1879, at 10% interest, has on it two indorsements of $100 each, paid on the first day of each year. What is due June 19, 1881 ?

142. The face of a note is $ 2400; its date, Aug. 12, 1880; rate of interest, 4%; indorsements: Sept. 12, 1881, $25; Oct. 12, 1881, $700; settled, Feb. 15, 1882. What was due ?

143. What sum will discharge a note Nov. 10, 1881, for $1728 at 9%, dated Nov. 23, 1878, which is indorsed as follows: May 15, 1879, $248; Aug. 28, 1880, $301; May 30, 1881, $300?

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