METHOD OF OPERATION. $165.18.0 Principal, carrying interest from June 17, 1827, Amount, 169.86.0 First payment, Dec. 7, 1827, 18.13.0 Balance for new principal, Interest from Dec. 7, 1827, to Oct. 19, 1828, 10mo. 12da. 7.88.9 Amount, 159.61.9 Second payment, Oct. 19, 1828, 23.16.0 Balance for new principal, 181.45.9 Interest from Oct. 19, 1828, to Sept. 25, 1829, 11mo. 6da. 7.36.1 Amount, 188.82.0 Third payment, Sept. 25, 1829, Balance for new principal, 86.12.0 Interest from Sept. 25, 1829, to June 6, 1881, 20mo. 11da. 10.45.8 Amount, 113.15.8 Fourth pay't, July 10, 1830, a sum less than int'st, 3.18 39.46.0 Balance for new principal, 73.69.8 Interest from June 6, 1831, to Dec. 28, 1832, 18mo. 22da. 6.90.3 Amount, 80.60.1 Sixth payment, Dec. 28, 1832, 81.17.0 Balance for new principal, 49.43.1 Interest from Dec. 28, 1882, to May 5, 1833, 4mo. 7da. 1.04.6 Amount, 50.47.7 Seventh payment, May 5, 1833, 3.18.0 Balance for new principal, 47.29.7 Interest from May 5, 1833, to Sept. 1, 1833, Smo. 26 days, 91.4 Amount, 48.21.1 Amount brought forward, 48.21.1 Eighth payment, Sept. 1, 1833, 25.18.0 Balance for new principal, Interest from Sept. 1, 1833, to Oct. 18, 1834, 13mo. 17da. 1.56.2 Amount, 24.59.3 Ninth payment, 10.00.0 Balance for new principal, Interest from Oct. 18, 1834, to Sept. 27, 1835, 11mo. 9da. 82.4 (5.) Salem, June 17, 1829. For value received, I promise L. Swan, to pay him, or order, on demand, seven hundred and sixty-nine dollars and eightyseven cents, with interest. Samuel Q. Peters. Attest, Moses Haynes. On this note are the following payments. March 1, 1830, received seventyfive dollars and fifty cents. June 11, 1831, received one hundred and sixty-five dollars. September 15, 1831, received one hundred and sixty-one dollars. Jan. 21, 1832, received forty-seven dollars and twenty-five cents. March 5, 1833, received twelve dollars and seventeen cents. December 6, 1833, received ninety-eight dollars. July 7, 1834, received one hundred and sixty-nine dollars. What remains due Sept. 25, 1835 ? (6.) Ans. $226.29.7. Haverhill, April 30, 1831. For value received, I promise Kimball & Hammond, to pay them, or order, on demand, three hundred dollars, with interest. Attest, James Quintire. Simpson W. Leavet. June 27, 1832, reThe following partial payments were made on this note. ceived one hundred and fifty dollars. December 9, 1832, received one hundred and fifty dollars. What was due Oct. 9, 1883 ? (7.) Ans. $26.73.5 New York, Feb. 11, 1832. For value received, I promise John Trow, to pay him, or order, on demand, fifty-four dollars, and eighteen cents, with interest. Luke M. Sampson. On this note are the following payments. July 11, 1833, received twelve dollars and twenty-five cents. August 15, 1834, received two dollars and ten cents. July 9, 1835, received three dollars and twelve cents. August 21, 1835, received thirty-seven dollars and eighteen cents. What was due Dec. 17, 1835. Ans. $10.22.2. (8.) Boston, Jan. 7, 1881. For value received, we jointly and severally promise Jones, Oliver, & Co. to pay them, or order, on demand, one thousand seven hundred and twenty-eight dollars, with interest. Attest, Timothy True. John Bountiful, On this note are the following payments. February 9, 1832, received seven hundred and sixty dollars and twenty-eight cents and five mills. March 5, 1833, received sixty-eight dollars and fifty cents. December 28, 1833, received eight hundred and seventy-six dollars and twenty-eight cents. July 17, 1834, received sixty dollars. What was due at the time of payment, which was Oct. 1, Ans. $209.22.9. 1834? (9.) Philadelphia, May 7, 1829. For value received, I promise John Jordan, to pay him, or order, on demand, five hundred dollars, with interest. Thomas C. True. The following partial payments were endorsed on this note. June 29, 1830, received one hundred dollars. December 5, 1831, received one hundred dollars. March 12, 1832, received five dollars. July 4, 1833, received ninetyfive dollars. December 1, 1834, received two hundred dollars. What was due Jan. 1, 1836 ? (10.) Ans. $141.50.4. Newburyport, March 19, 1831. For value received, we, jointly and severally, promise John Frost, to pay him, or order, on demand, seventy-five cents, with interest. Attest, James Snow. eighty-nine dollars and Henry Augustus, Marcus T. Cicero. On this note are the following endorsements. December 6, 1831, received twelve dollars and twelve cents. February 17, 1832, received twelve dollars and twelve cents. March 19, 1833, received three dollars and sixteen cents. December 28, 1834, received two dollars and eighteen cents. January 1, 1835, received twenty-five dollars and twenty-five cents. March 11, 1835, received thirty-one dollars and eighteen cents. July 17, 1835, received five dollars and eighteen cents. September 1, 1835, received six dollars and twenty-nine cents. What was due Dec. 29, 1835 ? Ans. $10.57. The following rule is established by the Supreme Court of the State of Connecticut. RULE. Compute the interest to the time of the first payment; if that be one year or more from the time the interest commenced, add it to the principal, and deduct the payment from the sum total. If there be after payments made, compute the interest on the balance due to the next payment, and then deduct the payment as above; and, in like manner, from one payment to another, till all the payments are absorbed; provided the time between one payment and another be one year or more. But if any payments be made before one year's interest hath accrued, then compute the interest on the principal sum due on the obligation, for one year, add it to the principal, and compute the interest on the sum paid, from the time it was paid, up to the end of the year; add it to the sum paid, and deduct that sum from the principal and interest, added together.* If any payments be made of a less sum than the interest arisen at the time of such payment, no interest is to be computed, but only on the principal sum for any period. (11.) Wethersfield, June 1, 1828. For value received, I promise J. D. to pay him, or order, nine hundred dollars, on demand, with interest. James L. Emerson. On this note are the following endorsements. June 16, 1829, received two hundred dollars of the within note. August 1, 1830, received one hundred and sixty dollars. November 16, 1830, received seventy-five dollars. February 1, 1832, received two hundred and twenty dollars. What was due August 1, 1882 ? Ans. $444.98.2. OPERATION. Principal, Interest from June 1, 1828, to June 16, 1829, 12 mo. First payment, Interest from June 16, 1829, to Aug. 1, 1830, 13 mo. Second payment, Interest for one year, $900.00 56.25 956.25 200.00 756.25 51.04.6 807.29.6 160. 647.29.6 38.83.7 686.13.3 If the year extends beyond the time of payment, find the amount of the remaining principal to the time of payment; find, also, the amount of endorsement, or endorsements, and subtract their sum from the amount of the principal, Brought forward, $686.13.3 Am't of 3d pay't, fr. Nov. 16, 1830, to Aug. Interest from Aug. 1, 1831, to Aug. 1, 1832, 12 mo. Am't of 4th pay't, fr. Feb. 1, 1832, to Aug. 1, 1832, 6 mo. 226.60.0 ,8mo. 78.18.7 607.94.6 36.47.6 644.42.2 Balance due. Aug. 1, 1832, $417.82.2 SECTION XXXII. MISCELLANEOUS PROBLEMS IN INTEREST. Principal, interest, and time, given, to find the rate per cent. 1. At what rate per cent. must $500 be put on interest to gain $120, in 4 years? The interest of $1.00 for the given time at one per cent is 4 cents. $500.00 will be 500 times as much. $500 X .04=$20,00. Then, if $20, give 1 per cent. = 20.00) 120.00 (6 per cent. Ans. $120 will give 206 per cent. 120.00 Hence the following *RULE. Divide the given interest by the interest of the given sum at 1 per cent. for the given time; the quotient will be the rate per cent. required. 2. At what rate per cent. must $120 be on interest, to amount to $133.20 in 16 months? Ans. 84 per cent. 3. At what rate per cent. must $280 be on interest to amount to $411.95 in 64 years? Ans. 7 per cent. |