36. What is the difference of time between Greenwich and Washington, 77° 2' 48" west? 37. Paris is in 2° 20' 15" east longitude, and Boston 71° 4' 911 west. When it is 6 o'clock in the morning in Boston, what time is it in Paris ? 38. How many degrees east of Greenwich is Rome, whose time is 49 min. 4811 sec. later than that of Greenwich ? 39. The difference of time between Baltimore and New Orleans is 53 min. 30 sec. What is the difference in longitude ? 40. A gentleman traveling west from Augusta, Maine, in longitude 69° 50' west, found, on arriving at Des Moines, that his watch, which was right when he left Augusta, was 1 h. 35 min. 20 sec. faster than the time at Des Moines. What is the longitude of Des Moines ? LEGAL INTEREST. 487. The Legal Rate of interest is the rate established by law. 488. When no rate is mentioned the legal rate is that given in the left-hand column; and if specified in writing, any rate not exceeding that in the right-hand column is legal. TABLE. TWELVE PER CENT INTEREST. 489. The Twelve per cent method of computing interest is often the most convenient. At 12 % 1 year's interest = .12 of the principal. “ “ 1 y., or 1 month's, interest = .01 “ " " y m., or 3 days', interest = .001" " 490. Hence, to find interest at 12 %, Multiply.01 of the principal by the time in months. Or, Multiply .001 of the principal by } of the time in days. $825 = Principal. Solution. - 1 month's in31.2 = Time in months. terest at 12% is ido of the 275 principal, or $ 8.25 ; 31.23 1650 months' interest is 31.2} x 825 $ 8.25, or $257.675. The 2475 interest at 4%= } of 12% 3) $257.675 = 12 % interest. interest, or $ 85.89. $ 840 = Principal. 24}= } time in days. 168 $ 1.703=1% interest. 491. Connecticut Rule for Partial Payments. When at least a year's interest has accrued at the time of a payment, and in the case of the last payment, follow the United States Rule. When less than a year's interest has accrued at the time of a payment, except the last, find the difference between the amount of the principal for an entire year, and the amount of the payment for the remainder of the year after it is made, for a new principal. When the interest which has accrued at the time of a payment exceeds the payment, find the interest upon the principal only. NOTE. — At the option of the teacher, the exercises under the United States Rule (Art. 282), may be performed by this rule. ANNUAL INTEREST. 492. Annual Interest is interest payable annually. The annual interest not paid when due draws simple intei est. 43. What is the amount due on a note of $ 500, interest payable annually, on which no payments have been made, at the end of 3 years 6 months and 12 days ? Solution. Principal . . . . . . . . . . $500.00 1st annual interest . . . . . . . $30.00 Int. on 1st annual int. 2 y. 6 mo. 12 d. . $4.56 2d annual interest . . . . . . . 30.00 Int. on 2d annual int. 1 y. 6 mo. 12 d. . 2.76 3d annual interest . . . 30.00 Int. on 3d annual int. 6 mo. 12 d. . . .96 4th annual interest . . . . . . . 16.00 $ 500.00 $ 106.00 $8.26 Total interest, $ 106 + $ 8.26 = 114.28 Amount due . . . . . . . $614.28 493. Rule for Annual Interest. Compute the interest annually, and simple interest on each annual interest for the time it shall remain unpaid. 44. A debt of $ 600 was contracted Jan. 1, 1880; allowing interest annually at 6%, and if no payments. be made, what will be due April 1, 1884 ? 45. A note was given May 16, 1881, for $ 1250, interest annually at 5%; if no payment is made, what will be due March 16, 1884 ? 46. A note was given March 14, 1880, for $ 576, interest annually at 6 %. What will be due Sept. 25, 1883, no payments having been made ? 494. When Partial Payments have been made on a note, or other obligation drawing annual interest, the following is The New Hampshire Rule. If in any year, reckoning from the time the annual interest began to accrue, payments have been made, compute interest upon them to the end of the year in which they are made. The amount of payments is to be then applied, first, to cancel interest upon annual interest ; second, to cancel annual interest ; and thirdly, to the extinguishment of the principal. If, however, at the date of any payment there is no interest except the accruing annual interest, and the payment, or payments, do not exceed the annual interest at the end of the year, deduct the payment, or payments, without interest on the same. Omit the last paragraph of this rule and it is the Vermont Rule. 47. What was due, July 1, 1881, on a note dated July 1, 1878, for $1000, with 6% annual interest, and on which was paid, Nov. 1, 1879, $ 400 ? Payment Nov. 1, 1879 . . $400.00 $709.60 3d annual interest ... $ 42.58 Due July 1, 1881 . .. $ 709.60 + $ 42.58 = $ 752.18 48. $ 2000. MANCHESTER, N. H., April 1, 1873. On demand, I promise to pay Charles West & Son, two thousand dollars, value received, with interest annually. JAMES GODDARD. Payments : Sept. 19, 1875, $ 500; Dec. 3, 1879, $ 600; and Aug. 9, 1880, $ 775. What will be due May 19, 1883 ? $ 5000. PLYMOUTH, N. H., Jan. 13, 1874. On demand, we promise to pay to the order of John M. Monroe & Co., five thousand dollars, value received, with interest annually. PRESBY & LORD. Payments: Sept. 23, 1878, $ 2000; Feb. 19, 1880, $ 1500; May 29, 1881, $ 125; and June 11, 1883, $ 20. What will be due at settlement, Aug. 30, 1885 ? NOTE. — At the option of the teacher, each of the above exercises may be performed by the Vermont Rule. |