2. What is the interest on $487,25 for 4 years and 9 months, at 4 per cent. ? $21,92,62 int. for 9 mo. 116,94,00 int. for 4 yr. 3. What is the interest of $987,99, at 5 per cent. for 5 years 2 months and 9 days? Ans. $256,46+. 4. What is the interest on $437,21, at 3 per cent. for 9 years and 9 months? Ans. $127,88+. 5. What is the interest of $15000 for 8 months, at 7 per cent. per annum? Ans. $700: 6. What is the interest of $400 for 21 days, at 5. per cent. per annum? Ans. $1,16+. 7. What is the interest of $876,48, at 7 per cent. for 4 years, 9 months, and 14 days? Ans. 293,81,5+. 8. What will be the total amount of $1119,48 after 2 years and a half, at an interest of 7 per cent. per annum? Ans. 1315,38,9+. Computing interest, it is often very conthe interest for the months by con sidering them as parts of a year, and the interest for the days by considering them as parts of a month. Ex. What is the interest of $806,90 for one year, 10 months, and 10 days, at 6 per cent.? $806,90 $200 7 4)$14,00 3)$3,50 2. What is the interest of $200 for 10 years 3 months and 6 days, at 7 per cent.? 3. What is the interest of $132,26 for 1 months 10 days, at 6 per cent.? Ans. $10,80+. 4. What is the interest of $25,50 for 1 months and 12 days, at 6 per cent.? Ans. $2, CASE VI. 192. When the sum on which the interest is to be cast is in pounds, shillings, and pence. RULE. I. Reduce the shillings and pence to the decimal of a pound, § 176. II. Then find the interest as though the sum were dollars and cents; after which reduce the decimal part of the answer to shillings and pence, § 177. Ex. 1. What is the interest, at 6 per cent. of £27 15s 9d for 2 years? £27 15s 9d £27,7875 6 1,667250 2 £3,334500 20 6,690000 12 8,280000 4 1,120000 Ans. £3 6s 8d+. 2. What is the interest on £67 19s 6d at 6 per cent. for 3 years 8 months 16 days? Ans. £15 2s 81d. + 3. What is the interest on £127 15s 4d at 6 cent. for 3 years and 3 months? Ans. £24 18s 31d.+ per 4. What is the interest of £107 16s 10d at 6 per cent. for 3 years 6 months and 6 days? Ans. £22 15s 1d+. 5. What will £279 13s 8d amount to in 3 years and a half, at 51 per cent. per annum? Ans. £331 1s 6d+. 6. What is the interest of £514 10s 2d for 3 years and a half, at 4 per cent.? Ans. £72 0s 7d+. 7. What is the interest of £523 11s 6d for 3 years and a half, at 6 per cent. ? Ans. £109 19s Od+. APPLICATIONS. $127,50 1. For value received I promise to pay on the 10th day of June next, to Wm. Johnson or order, the sum of one hundred and twenty-seven dollars and fifty cents with interest from date, at 7 per cent. New York, Jany. 1st, 1833. John Liberal. How much must be paid on the 10th of June? Ans. $131,46+. 2. For value received I promise to pay on the 4th of July, 1835, to Wm. Johnson or order three hundred and six dollars with interest at 6 per cent. from the 1st of March, 1833. New York, Jany. 1st, 1833. $306 John Liberal. How much must be paid on this note when it becomes due ? Ans. $349,04+. We shall now give the rule established in NewYork, (See Johnson's Chancery Reports, Vol. I. page 17,) for computing the interest on a bond or note, when partial payments have been made. The 1 same rule is also adopted in Massachusetts, and in most of the other states. RULE. I. Compute the interest on the principal to the time of the first payment, and if the payment exceed this interest, add the interest to the principal and from the sum subtract the payment: the remainder forms a new principal. II. But if the payment is less than the interest, take no notice of it until other payments are made, which in all, shall exceed the interest computed to the time of the last payment: then add the interest, so computed, to the principal, and from the sum subtract the sum of the payments: the remainder will form a new principal on which interest is to be computed as before. Ex. 1. For value received I promise to pay JAMES WILSON, or order three hundred and fifty-nine dollars ninety-nine cents and eight mills with interest, per cent. at 6 May 1st, 1826. $349,99,8. JAMES PAYWELL. Principal on int. from May 1st 1826, . . $349,99,8 Interest to Dec. 25th, 1826, time of Gost payment, 7 months 24 days. 13,64,9+ |