8. What is the interest of 845l. 10s. for of a year, at 57. per cent. ? Ans. 10. 11s. 44d.

9. What is the interest of 2487. 10s. 10d. for 8 months, at 27. per cent.? Ans. 31. 6s. 31d. .

10. What is the commission on 345l., at 21⁄2l. per cent.? Ans. 81. 12s. 6d.

11. What is the interest of 2951. 8s. 4d. for 10 months, at 37. per cent.? Ans. 71. 7s. 8d. 12. What is the interest of 3601. for 26 weeks, at 241. per cent.? Ans. 47. 10s.

13. What is the brokerage on 1521., at 4s. 6d. per cent.? Ans. 6s. 10d..

14. What is the interest of 2401. for 28 weeks, at 417. per cent.? Ans. 51. 9s. 10d.

15. What is the insurance of 1957. 5s., at 104. per cent.? Ans. 207. 10s. 04d. }.

16. What is the purchase of 7107. South Sea stock, at 103g1. per cent.? Ans. 7351. 14s. 9d. 17. What is the purchase of 9187. 14s. Bank stock, at 1277. per cent.? Ans. 11737. 12s. 91d. 17. 18. What is the purchase of 8167. Bank annuities, at 8531. per cent.? Ans. 6967. 13s. 24d. 3.

19. What is the purchase of 20187. 15s. 6d. India stock, at 14047. per cent.? Ans. 28311. 6s. 74d. §§. 20. How much Bank stock, at 2137. per cent., can be purchased for 8000l.? Ans. 3755l. 17s. 44d. §7. 21. How much stock in the 3 per cents., at 7241. per cent., can be purchased for 1000l.? Ans. 13841. 1s. 7 d. 888.

22. How much stock in the 4 per cent. consols, at 9647. per cent., can be purchased for 85007.? Ans. 88087. 5s. 94d. 189.

23. What interest will be obtained by purchasing 3 per cents., at 6337. per cent.? Ans. 41. 24. What interest will be obtained by purchasing 4 per cents., at 90l. per cent.? Ans. 49.

25. At what price should I purchase in the 4 per cents. to obtain 57. per cent. interest? Ans. 801. 26. At what price should I purchase in the 3 per cents. to obtain 51. per cent. interest? Ans. 60l. To calculate interest for days.

RULE. Multiply the principal by the number of days, and by double of the rate per cent., then divide the Product by 73000.

27. What is the interest of 1000l. 10s. 6d. for 12 days, at 51. per cent.? Ans. 17. 12s. 101⁄2d. 1§§3. 28. What is the interest of 345l. for 80 days, at 51. per cent.? Ans. 31. 15s. 71d. ‡3.

1823

29. What is the amount of 2507. 10s. 6d. for 40 days, at 31. per cent.? Ans. 2517. 9s. 84d. 878 30. What is the interest of 1847. from 12th May to 19th November, at 51. per cent.? 47. 16s. 34d. 17.

Ans.

31. What is the interest of 4087. for 60 days, at 41. per cent.? Ans. 27. 13s. 7 d. 187.

32. What is the interest of 245l. 16s. for 73 days,

at 241. per cent.? Ans. 17. 4s. 6d.

.

33. What is the interest of 3517. from 5th March to 6th August, at 441. per cent.? Ans. 67. 13s. 34d.

1823.

When partial payments are made.

RULE. Multiply the principal and the different balances by the number of days they are at interest, and by double of the rate per cent. Add these Products, and divide the sum by 73000.

34. A bill of 400l. was due April 20, of which 1107. was paid June 15, 287. August 4, and the balance October 2. Required how much interest is due, at 57. per cent. ? Ans 71. 3s. 54d. §}.

59

35. A bill of 350l. was due January 10, of which 70l. was paid on the 10th of each succeeding month till the whole was paid. Required how much interest was due, at 447. per cent.? Ans. 31. 17s.10,48d.

36. A bill of 10007. was due April 4, of which 150l. was paid May 10; 2507. July 12; 300l. September 18; 1007. November 10; 1507. January 20, and the balance March 4. Required the amount of the last payment, including the interest at 47. per cent.? Ans. 70l. Os. 114ğd.

To calculate interest on accounts-current.

RULE. Add and subtract the sums paid and received in the order of their dates; and if the balance is sometimes due to the one party, and sometimes to the other, the Products must be extended in different columns.

37. Required the interest on the following account from January 8 to July 30, allowing 5l. per cent. when the balance is due to B. D., and 47. per cent. when due to M. N.

Dr. Mr B. D. his acccount-current with M. N. Cr. Jan. 8. To balance 1007. | Mar. 15. By cash 2501. Feb. 14. To cash 1147. May 30. By cash 1007. April24. To cash 4007. July 2. By cash 400%. June 18. To cash 707.

Ans. Balance due by B. D. 31. 2s. 8d. 193.

38. Required the interest on the following account from April 3 to March 31, allowing 57. per cent. when the balance is due to A. B., and 411. when due to C. D.

Dr. A. B's account-current with C. D. Cr. April 3. To balance 1357. June 1. By cash 3977.

July 16. To cash

2707.

Sept. 8. By cash 2147.

Jan. 1. To cash 2317.

Mar. 18. By cash 3741.

851

Ans. 27. 16s. 24d. due to C. D.

To calculate interest on bills or bonds when the intervals between the payments are greater than a year.

RULE. Add the interest due at the date of each payment to the principal, and deduct the payment from the amount.

39. A bond of 5001. became due January 1, 1824, of which 100%. were paid May 14, 1825; 2001. April 10, 1826; 150l. June 1, 1827; and the balance August 1, 1828. Required the sum then due, interest at 57. per cent.? Ans. 125l. 3s. 10 d.

40. Borrowed on bond at 447. per cent. May 14, 1825, 700l., of which I paid June 1, 1826, 250%; June 30, 1827, 2007.; July 10, 1828, 2007.; and retired the bond September 20, 1829. was then paid? Ans. 1277. 3s. 9åd.

DISCOUNT

How much

Is an allowance given for the payment of any sum of money before it becomes due.

To find the present worth.

RULE. As the amount of 100/. for the given rate and time: is to 100 so is the debt to the present worth.

:

To find the discount.

RULE. As the amount of 1007. for the given rate and time: is to the interest of 1007. for that time so is the given sum or debt to the discount.

NOTE. These rules give the true discount or present worth; but bankers in discounting bills charge the interest upon the amount of the bill for the time it has to run, including three days of grace, by which means the holder loses the interest of the true discount.

1. What is the present worth of 2407. due 100 days hence, at 51. per cent.? Ans. 2367. 15s. 1d. 158. 2. What ready money will discharge a debt of 560l. 10s. due 48 days hence, at 57. per cent.? Ans. 5567. 16s. 9 d. 8831

3. Required the discount of 10007. due 70 days hence, at 51. per cent.? Ans. 97. 9s. 10d. 406

2423.

4. What is the discount of 2847. 8s. 6d. for 184 days, at 341. per cent.? Ans. 47. 18s. 74d. 1944. 5. Sold goods for 8427. 5s. to be paid 350 days hence, what is the present worth at 57. per cent.? Ans. 8037. 14s. 5d. 3.

341 186

66

EQUATION OF PAYMENTS

Is the finding a time at which a debt due at different times may be discharged at once, without disadvantage to either party.

RULE. Multiply each payment by the time at which it is due; divide the sum of the products by the amount of the debt: the quotient is the time required.

1. I owe B 1007. payable in 50 days, 1307. in 40 days, 2301. in 140 days; at what time should I pay the whole together? Ans. 924 days.

2. Paid 480l. as follows: 607. in 40 days, 1807. in 96 days, 507. in 200 days, and the rest in a year and 45 days; required the equated time for paying the whole? Ans. 224 days.

3. A owes B 1007. payable in 60 days, 2007. in 80 days, 350%. in 180 days, and 5007. in a year; at what time may he pay the whole without loss to either party? Ans. 2324 days.

COMPOUND INTEREST

Is calculated by making the amount at each stated time of payment the principal for the next.

1. What is the compound interest of 2007. for three years, at 5l. per cent.? Ans. 317. 10s. 6d.

2. What is the amount of 300l. in 4 years, at 57. per cent. per annum? Ans. 3647. 13s. 04d. . 3. Required the interest of 500l. for three years, at 47. per cent. ? Ans 621. 8s. 7 d. 18.

4. What is the amount of 240l. 10s. for two years, six months, at 3 per cent.? Ans. 258l. 19s. 54d.

5. What is the interest of 1297. 15s. for three years, 9 months, and 10 days, at 447. per cent.? Ans. 237. 9s. 11d.