4. In 144 days $375 amounts to $381.75. What is the rate?

5. At what rate would $982 be placed at interest for 2 mo. 12 da. to earn $9.82?

6. A loaned $2160 for 5 yr. 9 mo. 1 da. It amounted to $3091.95. What rate did he charge?

7. $588 on interest for 2 yr. 3 mo. and 18 da. earns $67.62. What is the rate?

8. At what rate must $3500 be placed at interest for 4 mo. and 15 da. to amount to $3605?

9. $296 produced $3.70 in 45 days. At what rate was it invested?

10. $810 amounts to $829.44 in 6 months and 12 days. What was the rate?

11. $750 on interest from March 1, 1916 to August 7, 1916 earns $26.50. What is the rate?

12. From April 7, 1915 to October 2, 1915, $360 earns $16.02. What is the rate?

TO FIND PRINCIPAL

References 351 to 356.

59. 1. What principal will be required to earn $13.18 in 11 mo. 11 da.?

2. What principal will be required to earn $39.92 in 192 days at 31%?

3. How much money invested at 51% for 86 days will earn $24.62?

4. The interest is $16, time 5 months and 18 days, rate 8%. What is the principal?

5. At 9% the interest for 3 mo. 27 da. is $150.07. What is the principal ?

6. What principal will in 6 mo. 13 da. at 6% amount to $720.55?

7. What principal will in 8 mo. 25 da. at 5% earn $15.73?

8. In 4 mo. 9 da. at 4% what principal will amount to $591.61?

9. At 6% what principal will in 1 yr. 9 mo. 28 da. yield $74.99?

10. Money invested for 1 yr. 7 mo. 14 da. at 4% amounts to $531.30. What was the principal?

11. A certain sum of money on interest at 3% from May 19, 1910 to July 15, 1915 earns $392.35. What is the investment?

12. What sum was loaned on April 5, 1910 at 7% if it were paid by check for $942.66 on Jan. 9, 1916?

13. What principal on interest from October 25, 1905 to May 21, 1912 at 12% would amount to $566.44?

14. What sum on interest from July 15, 1915 to October 19, 1915 at 7% will earn $14.90?

15. What sum on interest from May 13, 1910 to August 25, 1919 would amount to $11,446.47?

GENERAL PROBLEMS IN INTEREST

Before attempting to solve the following problems, the student should be thoroughly familiar with the entire subject of interest as presented in paragraphs 317 to 356 inclusive. The following problems comprise a series of tests on the subject of interest and are not graded according to difficulty, but are arranged as such problems might present themselves in business. Solve each in the simplest possible way.

60. 1. A note for $852 dated May 2, 1915 with interest at 5% was paid on Feb. 14, 1916 by certified check. What was the amount of the check, time being computed in exact days?

2. I have just received a legacy of $5000. I have an obligation of $395 which will be due in 1 yr. 6 mo. and 14 da. from to-day. I have decided to set aside enough of my legacy at 4% interest to pay the obligation when it is due. How much will I have to set aside?

3. Brown borrowed of me $400 at 7%, Jones $647 at 5%, and Smith $398 at 41%. Brown's loan ran 1 year 8 months and 11 days, Jones' ran 6 months and 19 days, and Smith's ran 297 days. What were my total receipts for interest?

4. After a loss by a fire the insurance company has agreed to pay me $4340 in full settlement of the claim. They will pay this amount in full at the end of 60 days or will make a cash settlement, deducting 2%. Which proposition should I accept and what will I gain by so doing, money being worth 6%?

5. On May 26, 1915 I gave my note for $1000 for 6 months at 5%. November 26, 1915 I paid the note

and accumulated interest, reckoned on the basis of exact days. How much did I pay?

6. A bill of $780.14 due on March 3, 1909, was not paid until October 15, 1909, when it was settled with interest at 6%. What was the amount paid, computing time in exact days?

7. A house costing $7500 rents for $60 a month. What rate of interest does the investment pay if the annual expenses, including repairs, taxes, etc., amount to $250?

8. What will be the difference in the amount of interest involved on a claim for $85, running from May 12, 1909 to October 19, 1909 at 8%, between the amount due by computing the time in exact days and computing the time in months and days?

9. On May 1, 1915, I bought a bill of hides at $15,300, on 60 days' credit, 2% off for cash, and borrowed the money at 6% on the hides as security to accept the cash price, giving my note for 60 days. At the expiration of the note I had tanned the hides at an expense of $1500 and sold them at an advance of 25% on the price paid for them. After paying my note, what was my net profit?

10. I bought a bill of $1450 subject to a discount of 20%, 10%, and 5%, with an additional discount of 2% for cash, and borrowed the money to pay for it at 5%. After 45 days I sold the goods at the same list price, subject to a discount of 25%, 2% extra for cash, receiving cash settlement, and paid my loan. What was my profit?

PARTIAL PAYMENTS

Study carefully 357 to 370 inclusive, before attempting to work on partial payments.

References 371, 372, 373.

Use the United States Rule.

61. 1. What is the balance due on July 1, 1916 on a note for $1500 dated February 1, 1913, upon which the following payments were made: July 24, 1913, $250; Aug. 7, 1913, $100; March 9, 1915, $50; Jan. 1, 1916, $300; interest at the rate of 5%?

2. What is the balance due on December 31, 1917 on a note for $1400 dated May 2, 1915, bearing interest at 6% and having the following indorsements: July 1, 1915, $200; September 25, 1915, $90; February 28, 1916, $175; May 19, 1917, $475?

3. On April 21, 1913, I gave my note for $3550, payable in three years, interest at 41%. I paid as follows: Oct. 15, 1913, $125; March 3, 1914, $125; July 20, 1914, $875. How much will be required to settle the note at maturity?

4. W. A. Jones gave a note on June 4, 1914 to Frank Brown for $1285.50 with interest at 7%. He made payments as follows: Dec. 15, 1914, $340; Feb. 17, 1915, $330; March 11, 1915, $400. What was due on May 15, 1915?