1st prin. $50,0×14,5=725,0 Overp'd $1,0×26,5=26,5 2d do. 45,0×15,5=697,5 And 2)26,5 3d do. 5,0x13,5 67,5 Dimes 13,25-$1,321 2)1490,0 Add sum 10,00 Then, $74,50 11,32 subtr. 745 dimes, $11,321 or, $74,50cts. Aus. $63,17 due on Note. 4. A note was given, May 10, 1821, for $685, interest at 6 per cent. Nov. 15, 1821, it was endorsed $150; April 30, 1822, $275; Dec. 1, 1822, $90; July 30, 1823, $45; March 10, 1824, 860, and Aug. 20, 1825, it was paid up; what was the last payment? Ans. $126,96 cts. RULE 2.-The Supreme Court of Massachusetts, established the following more equitable Rule.-When there are endorsements, find the interest on the principal to the time of the first payment, add it to the principal, and from the sum subtract the payment then made; if the endorsement be not equal to the interest then due, cast the interest to the next endorsement, add the two endorsements together, and from the amount of the principal to that time, subtract their sum; on the remainder cast the interest to the time of the next endorsement, subtracting each payment as you proceed, if it be not less than the interest then arisen on the principal sum; and so on to the date of giving up the obligation. EXAMPLES. 1. A note was given, January 20th, 1821, for $360, 50cts; September 10th, following, 200 dollars were endorsed, and December 20th, 1822, it was taken up; what was the last payment, interest at 6 per cent.; computing it by both rules, and showing their difference? $. cts. 360, 50 Note dated Jan. 20, 1821. mo. d. 13, 81 9 Interest up to Sept. 10, 1821=7 20 374, 31 9 Amount. 200,00 0 First payment deducted. 174, 31 9 Due Sept. 10, 1821. Yr. m. 13, 36 4 Interest to Dec. 20, 1822=1 3/ 41, 457 Interest up to Dec. 20, 1822=1 11 187, 68 3 Due by Massachusetts' Rule. 186, 62 4 Due by common Rule. 1, 05 9 Difference. 2. A note was given, Nov. 15, 1820, for $282, 56cts.; May 10, 1821, $96,34cts. were endorsed; December 20, following, $174,28cts.; May 10, 1822, $10,50cts.; and November 15, following, $5,25cts. ;-what will be due on 4 said note June 10, 1823, reckoning interest at 6 per cent., computing by both rules, and showing their difference? Answer. {By Massachusetts' rule $13, 164 rule first 455 Difference $1,709 3. An obligation was given, July 15, 1817, for $340, interest at 6 per cent., on which are the following payments; Dec. 25, following, $7,50cts.; June 10, 1818, $10,25cts.; January 1, 1819, $15; August 16, 1820, $25,75cts.; November 1, 1821, $30; and December 25, 1822, $250; if it be taken up March 25, 1823, what sum will cancel it, by the Massachusetts' rule? Ans. $113, 53cts. N. B.-The figures beyond mills, in the two preceding examples, are all omitted in casting. 4. If a note, given July 5, 1819, for $101, at 6 per cent., were endorsed July 5, 1820, 86; July 5, 1821, 86; July 5, 1822, 86; July 5, 1823, $6; July 5, 1824, $6; July 5, 1825, 86; July 5, 1826, $6; July 5, 1827, $6; July 5, 1828, $6; what would be due, July 5, 1829, by both rules and how much more by the second rule than by the first; $107,60 by Mass. rule; $91,40 by common Ans. rule; and $16,20 more by the former than the latter. COMPOUND INTEREST. COMPOUND INTEREST is what arises from the interest being added to the principal, and becoming a part of the principal, at the end of each stated time of payment. RULE. Find the Simple Interest of the given sum for one year, or the time of the first payment; add it to the principal, and find the interest of the amount for the next year or payment, and so on for the number of payments required. Subtract the principal from the last amount, and the remainder will be the compound interest. EXAMPLES. 1. What is the compound interest of 406 dollars, for 3 years, at 6 per cent. per annum ? 406 principal for the 1st year. 6 2. How much is the compound interest of 2535 dollars for four years, at 6 per cent. per annum ? Ans. 665 dolls. 36cts.+ N. B.-The mills are here all rejected in casting. 3. What is the compound interest of 1000 dollars for 5 years, at 6 per cent. ? Ans. 338dolls. 22cts. 4mills.+ N. B. The figures beyond mills are here omitted in casting. The next is done in whole numbers. 4. What is the compound interest of £128 17s. 6d. for 6 years, at 6 per cent. ? Ans. £53 18s. 8d.+ 5. How much will 680 dollars amount to in 4 years, at 6 per cent. compound interest? Ans. $858,48cts. 3m.+ N. B.-Figures beyond mills omitted. COMMISSION.* COMMISSION AND BROKERAGE are compensations to factors and brokers for their respective services. EXAMPLES. 1. What is the commission on 4760dolls. at 21 per cent.? 2)4760 21 9520 119,00 Ans. 119 dollars. 2. What is the commission on £526 11s. 5d. at 3 per cent. ? Ans. £18 88. 7d.+ 3. What is the brokerage on 926 dollars, 50 cents, at 1 per cent. ? Ans. 13dolls. 89cts. 7m.+ 4. What is the commission on 1293 dollars, 53 cents, at 2 per cent. ? Ans. 9dolls. 73cts. 8mills. + 5. Required the neat proceeds of certain goods amounting to 2176 dollars, deducting a commission of per cent. ? Ans. 2156dolls. 96cts. 6. A factor receives 3690 dollars to lay out in potash, reserving from it his commission of 24 per cent. on the purchase; the potash being 190 dollars per ton, how much did he purchase? Ans. 18tons, 18cwt. 3qrs. 22 fl. INSURANCE. INSURANCE is an exemption from hazard, by paying a certain sum on condition of being indemnified for loss or damage of ships, houses, merchandise, &c. which may happen from storms, fires, &c. * The method of working questions in this and the following rules of Insurance, &c. is the same as in Simple Interest. |