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Forms of Notes.

(1.) $486156

CHICAGO, ILL., Sept. 1, 1898.

Three months after date, I promise to pay Edward L. Baker Four hundred eighty-six

16 Dollars, with interest at 5%, for value received.

ROBERT H. KING.

25 100

(2.) $486 2050

WASHINGTON, D. C., Sept. 1, 1898.

Four months after date, I promise to pay Edward L. Baker

or bearer, Four hundred eighty-six

10 Dollars, with interest at 7%, for value received.

ROBERT H. KING.

(3.) $486-1256

PHILADELPHIA, PA., Sept. 1, 1898.

Six months after date, I promise to pay Edward L. Baker

or order, Four hundred eighty-six

16 Dollars, without defalcation, for value received.

ROBERT H. KING.

100

(4.) $486450

TRENTON, N. J., Sept. 1, 1898. On demand, I promise to pay Edward L. Baker Four hundred eighty-six

25 Dollars, with interest at 6%, without defalcation or discount.

ROBERT H. KING.

2 5 10

(5.) $48616

St. Louis, Mo., Sept. 1, 1898. Four months after date, we jointly and severally promise to pay Edward L. Baker

-or order, Four hundred eighty-six

26 Dollars, with interest at 3%, for value received, negotiable and payable without defalcation or discount.

ROBERT H. KING.
John C. TAYLOR.

(6.) $48656

ATLANTA, Ga., Sept. 1, 1898.

Sixty days after date, I promise to pay Edward L. Baker

or order, at the Atlanta National Bank Four hundred eighty-sixc

26 Dollars, with interest, value received.

ROBERT H. KING.

QUESTIONS AND EXERCISES.
1. Find when the above notes will severally mature.
2. Compute the amount due on each at maturity.

3. Point out which are negotiable and which nonnegotiable.

4. Point out which are interest-bearing from date and which from maturity.

demand” note be collected ? 6. When is a time note collectible?

7. When no rate per cent. is specified in a note, what rate is understood ?

8. What is the legal rate in your State?
9. Can a note be protested after its maturity ?

5. When may

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10. If the maker of a note fails to pay it, who is held responsible for payment of it?

11. Write a negotiable note, in favor of George Hudson, for $500.50, using your own name as that of maker.

12. Write a note from the following data: Face, $347.56 ; negotiable ; time, 60 days; payee, George Jones ; maker, Hiram Smith ; rate, 6%; place, Reading, Pa.

13. Write a non-negotiable note.
14. Write a note that will bear interest from date.
15. Write a note payable at a bank.
16. Write a note with an endorsement.

NOTE.—Latin, dorsum, the back.
17. Write a note payable with annual interest.

18. Assume a date for settlement, and compute the amt. due on said note.

19. Find the day of maturity and amount due, having given :

1. $631.36, Feb. 13, 1898, 63 da., 6%.
2. $796.56, Apr. 23, 1898, 90 da., 5%.
3. $397.86, Sept. 6, 1898, 5 mo., 4%.
4. $1055.51, Nov. 21, 1898, 4 mo., 6%.
5. $631.36, Nov. 6, 1898, 33 da., 7%.
6. $937.72, Jan. 17, 1898, 6 mo., 8%.
7. $2632.98, Apr. 30, 1898, 1 mo., 10%.
8. $2849.65, June 23, 1898, 15 da., 6%.
9. $984.05, Aug. 11, 1898, 3 yr., 41%.

3
10. $1968.10, Sept. 3, 1898, 3 mo., 54%.

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PARTIAL PAYMENTS.

1. The payment of part of a note or other obligation is called a Partial Payment.

2. Notes on which partial payments have been endorsed are computed chiefly by two rules : The Merchants' Rule and The United States Rule.

The Merchants' Rule.

The Merchants' Rule applies to notes settled within a year. The method is as follows:

MODEL SOLUTION.

$6000000

PITTSBURG, PA., Feb. 25, 1898

For value received, I promise to pay John Wayland, or order, Six Hundred Dollars, on demand, with interest from date.

JAMES BROWN. On this note were made the following payments : May 25, 1898, $156.00; Aug. 25, 1898, $200.00; Nov. 25, 1898, $185.00. What was due on Feb. 20, 1899 ?

Process.
Date of settlement, 1899, 2, 20.
Date of note,

1898, 2, 25.
Interval,

11 mo. 25 da. Principal (note). Interest for 11 mo. 25 da.

Amount

$600.00.

35.50. $635.50.

1899, 2, 20. 1898, 5, 25.

8 mo. 25 da.

1899, 2, 20.
1898, 8, 25.

5 mo. 25 da.

1899, 2, 20.
1898, 11, 25.

2 mo. 25 da.

.

1st payment and int. for 8 mo. 25 da. 2d payment and int. for 5 mo. 25 da. 3d payment and int. for 2 mo. 25 da.

$162.89.
205.84.
187.62.

Balance due at settlement

556.35. $79.15.

Hence the formula:

Balance Amount of Face due at time of settlement the sum of the Payment-Amounts due at time of settlement.

PROBLEMS. 1. A note for $960, on demand, with interest at 7%, dated Feb. 1, 1897, was endorsed as follows: May 11, 1897, $300 ; Oct. 16, 1897, $366. How much was due Dec. 16, 1897?

2. What amount is due Nov. 27, 1898, on a note for $800, dated Jan. 15, 1898, with interest at 6%, on which are the following endorsements : May 3, 1898, $300; July 9, 1898, $400 ?

3. A man holds a note of $460, dated Jan. 20, 1898, on which the following payments are endorsed : $140, Mar. 26, 1898; $100, June 16, 1898; $160, Oct. 14, 1898. Settlement is made Dec. 22, 1898. Find the balance due, interest at 5%.

4. What is due Dec. 20, 1898, on a note for $1300, dated Feb. 10, 1898, with interest at 61%, on which is the following endorsement : June 7, 1898, $900 ?

5. A note of $1100, dated April 1, 1898, payable on demand, with interest at 6%, bears the following endorsements: June 6, $300; Aug. 5, 236.48; Nov. 19, $333. What is due Jan. 1, 1899?

(6.) $696-33%

BIRMINGHAM, ALA., April 4, 1898.

Nine months after date, for value received, I promise to pay to the order of Paul Stakeman, Six Hundred Ninety-six and 38 Dollars, with interest at 8%.

ROBERT S. CAMPBELL.

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This note was endorsed as follows: July 9, 1898, $436; Sept. 4, 1898, $95.40; Oct. 3, 1898, $100. What was due

, on the note at maturity ?

7. A note of $946.36, dated Aug. 1, 1898, payable on demand, with interest at 51%, bears the following endorse

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