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INTEREST

LESSON 64

1. Define interest; principal; rate; amount.

2. What is the interest of $300 for 1 yr. at 5% ?

MODEL. At 5%, 18, or of the principal equals the interest for 1 yr. of $300 = $15 Ans.

3. What is the interest of $200 for 1 yr. at 4%? 5%? 6%? 7%?

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4. What is the interest of $200, at 4% for 1 yr.? 3 yr.? 6 mo.? 3 yr. 9 mo.?

yr.

5. At 6%, what part of the principal equals the interest for 1 yr.? 2 yr.? 3 yr.?

6. At 7%, what is the interest of $300 for 1 yr.? 2 yr.? 2 yr. 8 mo.?

7. If $24 is the interest of a given sum for 1 yr., what is the interest for 1 mo.? 2 mo.? yr.? yr.?

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8. At 41%, what is the interest of $60 for 1 yr.? 2 yr.?

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9. The interest of a given sum of money for 5 mo. $30. What is the interest for 7 mo.? 8 mo. 15 da.? 10. What is the interest of $960 for 2 yr. at 5%?

MODEL. $960 × .05 = $48.00, interest for 1 yr.
$48 × 2 = $96, interest for 2 yr. Ans.

11. Find the interest of $720 for 3 yr. 8 mo. at 5%.

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12. Find the interest of $2000 for 1 yr. 3 mo. 12 da.

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13. Find the interest of $1000 for 4 yr. 4 mo. 15 da. at 3%.

14. Find the interest of $1500 for 3 yr. 11 mo. 18 da. at 4%.

15. Find the interest of $940 for 2 yr. 2 mo. 6 da. at 41%.

16. Find the interest of $720 for 2 yr. 6 mo. 24 da. at 31%.

17. Find the interest of $725 for 3 yr. 1 mo. 9 da. at 5%.

LESSON 65

The Amount is the sum of the principal and interest. 1. Find the amount of $860 for 2 yr. 4 mo. 24 da. at 6%.

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$860 +$123.84 = $983.84 = amt. Ans.

2. Find the amount of $580 for 3 yr. 6 mo. 6 da. at 5%.

3. Find the amount of $1150 for 1 yr. 8 mo. 3 da. at 4%. 4. Find the amount of $1230 for 2 yr. 2 mo. 27 da.

3%.

5. Find the amount of $1125 for 3 yr. 3 mo. 15 da. at

6. Find the interest of $500 for 90 days at 6%.

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7. Find the interest of $1800 for 90 da. at 6%.

8. Find the interest of $900 for 65 da. at 3%.

9. Find the interest of $972 for 10 mo. 10 da. at 6%. 10. Find the interest of $540 for 2 mo. 17 da. at 6%.

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When a man borrows money of another it is customary for the borrower to give a note (a promise to pay) as evidence that he has borrowed the money. The borrower is called the Maker of the note, and the lender the Payee.

Following is a model of an ordinary promissory note :

$200.

HARRISBURG, PA., Aug. 25, 1900.

Two years after date, for value received, I promise to pay Harton Jules, or order, Two Hundred Dollars, with interest at 5%. SAMUEL RUDOLPH.

1. Who is the maker of this note? The payee?

2. How much money does Rudolph agree to pay Jules? The sum of money loaned is called the Face of the note. It is sometimes called Principal.

3. What rate of interest does Rudolph promise to pay? 4. When will this note be due, or mature? Name the year, month, and day of the month.

5. What is the interest of $200 for 1 yr. at 5%? For 2 yr.?

6. How much money must Rudolph pay Jules when this note is due ?

7. Write a promissory note, using the following data: Date, Aug. 30, 1900. Time, 6 mo. Maker, John MorFace, $150. Rate of in

rison. Payee, Willis Bates. terest, 6%.

8. When will this note be due?

9. What is the interest of $150 for 6 mo. at 6%?

10. How much money must Morrison pay Bates when this note matures?

11. Find the amount of a note for $340, dated Sept. 3, 1900, and paid Dec. 3, 1900. Interest 6%.

12. Find the amount of a note for $600, dated Oct. 7, 1900, and paid March 7, 1901. Interest 5%.

$500.

LESSON 67

SCRANTON, PA., Jan. 20, 1901.

Six months after date, for value received, I promise to pay C. B. Doty, or order, Five Hundred Dollars, with interest at 5%. ALEXANDER PATTERSON.

1. This note was paid Sept. 2, 1900. Find amount

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One year after date, for value received, I promise to pay James Atherholt, or order, Three Hundred Fifty Dollars, with interest at 4%. HERMON PHILLIPS.

2. Who is the maker of the above note? Who is the payee?

3. What is the face of the note? The rate of interest?

4. When will the note be due ?

5. If Phillips pays the note Dec. 25, 1901, how much must he pay Atherholt?

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