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2. Required the interest of £56 10s. for 11 months, at 6 cent.
£. 56 10=56,5 decimal value. Therefore 5,65 shillings interest for one month.
Ans. 62,15 interest for 11 months=£3 2s. 1,8d. 3. What is the interest of £37 8s. 6d. for one year, 7 months, and a half, at 6 per cent. per annum ?
Ans. £8 10s. 4d. 2,3qrs. 4. Required the interest of £28 16s. for 20 days, or two-thirds of a month, at 6 per cent. Ans. ls. 11,04d.
Note.—The foregoing rule will serve also, when the rate is 5 per cent. or 7 per cent. For, when, by the Rule, you have found the interest of any sum, at 6 per cent. if you decrease the said interest by one-sixth of itself, it then becomes the interest of the same sum, at 5 per cent.; or if, after finding the interest, by the Rule, at 6 per cent., you increase the said interest by one-sixth of itself, it then becomes the interest of the same sum, at 7 per cent.
Take for examples the first two of the preceding ones.
Required the interest of £48 for 5 months and 10 days, at 5 per cent.
+)25,6 interest at 6 per cent.
Ans. 21,33s. int. at 5 per cent. =£1 1s. 4d. What is the interest of £56 10s. for 11 months, at 7 per cent. ?
Ans. 72,5083 sbill. int. at 7 per cent.=£3 12s. 6, 1d.
II. For Federal Money. RULE.--Divide the Principal by 2, placing the separatrix as usual, and the quotient will be the interest for one month, in cents, and decimals of a cent; that is, the figures at the left of the separatrix will be cents and those on the right, decimals of a cent. Then multiply this sum by the given number of months, or months and decimal parts thereof, or for the days take even parts of 30, &c.
EXAMPLES. 1. Required the interest of $562,64cts. for 54 months, at 6 per cent.
281,32 înt. for 1 month.
140,66 int. for 1 month. 1406,60 int. for 5 months.
Ans. 1547,26=15472 cts. = $15,47cts. 2,6m. Or thus: 281,32 int. for 1 month,
1406 60 14066 0
1547,260cts.=$15,47cts. 2,6m. 2. What is the interest of $18,48cts:* for 3 years, 7 months, and 10 days, at 6 per cent. ?
10 days=# 9,24 int. for 1 month.
897,32 int. for 43 months.
3,08 do. for 10 days.
Ans. 400,4,0cts.=$4 and 4 mills. 3. What is the interest of $468 for 7 months, at 6 per cent. ?
Ans. $16,38cts. For 5 or 7 per cent. proceed according to the directions in the preceding Note.
To compute Interest on Notes, Bonds, fc., having par
tial Payments or Endorsements thereon. RULE 1.-Cast the Interest upon the whole Principal, for the whole Time ; then separately upon each Endorsement, for its respective Time; and subtract the whole Amount of the one from that of the other.
NOTE.— I call 30 days a month, and 12 months a year.
1. A Note dated January 1st, 1821, was given for $120, interest at 6 per cent, and there were the following payments endorsed upon it:
June 1, 18:21, rec'd on the within note $50.
$40. I demand how much was due on said note, Jan’y 1, 1922, when it was taken up ?
120 Principal, or sum of the note.
7,20cts. Interest for the whole time.
40 Second payment.
51,75 Its Amount.
40,60 Its Amount.
51,75 | Several Am'ts 127,20 Amount of Note. 40,60 ) of Payments. 92,35 Amount of Pay'ts. 92,35 Total Amount. $34,85cts. Due on the Note,
Jan. 1, 1822. Ans. 2. A Bond dated April 17th, 1817, was given for $675, interest at 6 per cent., and it was endorsed as follows:
May 7, 1818, rec'd on the within $148.
$99. I demand what was due on said bond, June 17, 1822,
when it was paid up ?
3. A bond or note was given, June 4th, 1819, for 8699, interest at 6 per cent. ; it was endorsed $78, July 9, 1820: $147, Nov, 27, 1821 ; $68, Jan. 17, 1822 ; and $400, Jan. 30, 1823 ;-I demand how much will be due on said note May 30, 18:23 ?
Ans. $132,87cts. Im.
£62 10s. 4. Value received, I promise to pay George Appleton, the sum of Sixty-two Pounds, Ten Shillings, and interest at 6 per cent. per annum, till paid.
PETER FRISBIE. Halifax, April 4, 1820.
Endorsed, £50, Sept. 4, 1822. If he endorse £12 10s. June 1, 1823, how much will be due on said note, December 4, 1823?
Ans. £9 12s. 4d.
Contraction of the Rule of 6 per cent.
RULE.-Point off the right hand figure of each principal for a decimal; multiply each by its particular time, and add the products. If the principals be pounds, &c., the sum total will be shillings and decimals ; but if Federal Money, halve it for dimes, interest: which added to the last principal, gives the sum due on the note.
Take the first Example in the preceding Rule.
1st Principal, 2d do. 3d do.
$12.0X 5 months.= 60,0
As it is Federal Money, divide by 2)97,0
48,5dim.=480 dimes=$4,85cts. which added to the last principal,
30+4,85 =534,85cts. amount due. Ans. This is merely the same Rule as that at pages
For an Example in pounds, f'e. take the last question in
the preceding Rule. 1st Principal £62 10s.=6,25s. by Rule, page 127.
Yrs. d. £. 1822 9 4
62 10 1820 4 4
2 5 0 12 10=2d Principal=1,25s. 12
Yrs. d. 29 months.
1823 6 1
1822 9 4 Int. for Imo.=6,25 x29=181,25
m. Int. for 1mo.=1,25X8,9= 11,125 8 27=8,9
192,375 shillings, which=£9 12s. 4 d. Ans.
There being no principal left to which to add the above sum, that sum is itself the exact answer.
This is the same Rule as that at page 127.
Note.--If the last principal be overpaid by the last endorsement, take the sum thus overpaid, multiply it, in the same way, by the time, from that endorsement, up to the settlement, then add its dimes, interest, to itself, and subtract the sum from the interest of the Note's principals, as above found.
3. Gave a note for $500, Jan. 16, 1822, payable Nov. 16, 1826 ; $50 were endorsed thereon April 1, 1823; $400, July 16, 1824 ; $60, Sept. 1, 1825; how will the balance be at the date when payable ?
$500=1st principal. 500-50=450=2d principal. 450—400=50=3d principal. Then the next endorsement overpays the sum borrowed. 60=3d endorsement, and 60—50, the 3d principal=$10 overpaid on the sum borrowed.