For reducing Shillings and Pence to Cents and Mills. To find by this Table the Cents and Mills in any fum of Shillings and Ponce under one Dollar, look the Shillings at top, and the Pence in the left hand column; then under the former and on a line with the latter, will be found the Cents and Mills fought. TABLE For reducing the currencies of the feveral United States to Conn. and D.cts.m. Federal Money. 2 7 5 10 8 14 10 2 28 21 22 36 96 Table for reducing Pounds, &c. to Dollars, &c. SECT. II. 8. For reducing Federal Money to the currencies of the feveral 1 TABLE For reducing the currencies, c. continued. New-Hamp. New-York, South-Carolina.] &c. k. s. d. q. 11 1 1 4 3 1 10 2 New Jersey, &c. &c. 1 7 1 160 243 230 322 300 390 122339 2 40 2 4 8.0 4 0 3, 18 0 0 400 1 260 14 §. 4. Interest. 0000 INTEREST is the allowance given for the use of money, by the Borrower to the Lender. It is computed at fo many dollars for each hundred lent for a year, (per annum) and a like proportion for a greater or lefs time. The highest rate is limited by our laws to 6 per cent. that is 6 dollars for a hundred dollars, 6 cents for a hundred cents, £6 for a £100, &c. This is called legal intereft, and is always understood when no other rate is mentioned. There are three things to be noticed in Interest. 1. The PRINCIPAL; or, money lent. 2. The RATE; or, fum per cent. agreed on. 3. The AMOUNT; or, principal and Interest added together. Intereft is of two forts, fimple and compound. 1. Simple Interest is that which is allowed for the principal only. 2. Compound Interest is that which arifes from the interest being added to the principal and (continuing in the hands of the lender) becomes a part of the principal, at the end of each stated time of payment. GENERAL RULE. 1. For one year, multiply the principal by the rate, from the product cut off the two right hand figures of the dollars, which will be cents, thofe to the left hand will be dollars; or which is the fame thing, remove the feparatrix, from its natural place two figures towards the left hand, then all thofe figures to the left hand will be dollars, and those to the right hand will be cents, mills, and parts of a mill. In the fame way is calculated the intereft on any fum of money in pounds, billings, pence and farthings, with this difference only, that the two figures cut off to the richt band of pounds, must be reduced to the lowest denomination, each time cutting off as at firf. 2 For two or more years, multiply the interest of one year by the number of years. 3. For months, take proportional or aliquot parts of the intereft for 1 year, that is, for 6 months,; for 4 months; for 3 months,, &c. For days, the proportional or aliquot parts of the intereft for 1 month, allowing 30 days to a month. EXAMPLES. 1. What is the intereft of Dolls 86,446 for one year, at 6 per cent ? OPERATION. Dolls. cts. m. 5 15, 67 6 Intereft. In the product of the principal multiplied by the rate is found the answer. Thus, cutting off the two right hand figures from the dollars leave 5 on the left hand, which is dollars; the two figures cut off (18) are cents, the next fige (6) is mills; all the figures which may chance to be at the right hand of mills, are parts of a mill; hence we collect the Ans. 5 dolls. 18 cts. 676 m. |