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From the amount 1235,975
Ans. 2. At what rate per cent. will 5671. 10s. amount to 875l. 19s. in 9 years ?
Ans. 6 per cent. 3. At what rate per cent. will 340 dols. 25 cts. amount to 620 dols. 6 cts. in 12 years ? Ans
4. At, what rate per cent. will 6451. 155. amount to 9561. 10s. 4,125d. in 8 years ? Ans. 55 per cent.
CASE IV. The amount, principal, and rate per cent. given, to find
RULE. Subtract the principal from the amount; divide the remainder by the product of the ratio and principal ; and the quotient will be the time.
EXAMPLES. 1. In what time will 950 dols. 75 cts. amount to 1235 dollars, 97,5 cents, at 6 per cento per annun?
From the amount S1235,975
950,75 x06=57,0450) 285,2250(5 years, Ans.
2. In what time will 5671. 10s. amount to 8731. 138. at 6 per cent. per annum ?
years. 3. In what tinie will 340 dols. 25 cts, amount to 626 dols. 6 cents at 7 per cent. per annum i Ans. 12 years.
4. In what time will 6451. 158. ainount to 5561. 103, 4,1351. at 55 per ct. per annum ? Ans.8,73=8X years,
TO CALCULATE INTEREST FOR DAYS.
RULE. Multiply the principal by the given number of dav.» and that product by the ratio; divide the last product
65 (the number of days in a year) and it will give the terest requireil.
A TABLE, showing the number of Days from uny day of on, inonth,
to the same day of any other month.
EXAMPLES. 1. What is the interest of 360l. iOs. for 146 days, att
Ans. $10,53cts. + 6. s. d. qrs.
-=8752-8 13 0 1,9 Ans. 2. What is the interest of 640 dols. 60 cts. for 100 days 3. Required the interest of 2501. 17s. for 120 days at
ins. 64,1255=4i. 2s. 5jd. + 4. Required the interest if 487 dollars 75 cents, for 5 days, at 7 per cent. per annum ? ans. S9, 30cts. Om.+
£. - 60,5 x 146X,06
565 at 6 per cent. per annum? 5 per cent. per annum?
FROM ANY DAY OF
591 281 965 3841 304 273 2431 212 181 1511 1201 90
90 $11 365 395 304 2741 2431.212 182 151 121
SO 363 354 3041 2781 242 212 181 151
ur. 212 181 153 122 92 61 31/ 365| 334 304 275 243
per cent. ?
611 304 365
When interest is to be calculated on cash accounts, &c where partial payments are made ; multiply the several balances into the days they are at interest, then multiply the sum of these products by the rate on the dollar, and divide the last product hy 365, and you will have the whole interest due on the account, &c.
Lent Peter Trusty, per bill on demand, dated 1st of June, 1800, 2000 dollars, of which I received back the 19th of August, 400 dollars ; on the 15th of October, 600 dollars; on the 11th of December, 400 dollars'; on the 17th of February, 1801, 200 dollars; and on the 1st of June, 400 dollars: how much interest is due on the bill, reckoning at 6 per cent. ? 1800,
dolls. days. products June 1, Principal per bill, 2000
158000 August 19, Received in part, 400
Balance, 1600 | 57 91200 October 15, Received in part,
Balance, 1000 57
Balance, 400 104
388600 Then 388600 ,06 Ratio.
$ cts. m. 365)23316,00(63,879 Ans. - 63 87 9 + The following Rule for computing interest on any note, or obligation, when there are payments in part, or endorsements, was established by the Superior Court of the State of Connecticut, in 1784.
RULE. * Compute the interest to the time of the first pay
ment; if that be one year or more from the time the in terest commenced, add it to the principal, and deduct the paymeat 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 alsorbed; provided the time between one payment and another be one year or more. But if any payment 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 addell as above.*
66 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.
Kirby's Reports, page 49. A bond, or note, dated January 4th, 1797, was given for 1000 dollars, interest at 6 per cent and there were payments endorsed upon it as follows, viz. ist payınent February 19, 1798.
200 2d payınent June 29, 1799.
500 sd payment November 14, 1799
260 I demand how much remais due on said note the 24th of December, 1800 ? 1000,00 dated January 4, 1797.
67,50 Interest to February 19, 1798=15$ uonths. 1067,50 amount.
(Carried up *If a year does not extend beyond the time of final settlement; but is it does, then find the amount of the principal sum due on the obligation, up to the time of settlement, and likewise find the amount of the sum paid, from the time it was paid, up to the time of final settlement, and deduct this amount froin the amount of the principal. But if there be several payments made within the said time, find the amount of the several payments, from the time they were paid to the time of settlerent and deduct their anigunt from the aniount of the principal
867,50 balance due, Feb. 19, 1798.
458,345 balance due, June 29, 1799.
26,30 Interest for one year.
194,895 balance duc June 29, 1800.
5,687 Interest to December 24, 1800. 5 25
200,579 balance due on the Note, Dec. 24, 1800.
computing interest on notes, foc, on which partial pay.
“Compute the interest on the principal sum, from the time when the interest commenced to the first time when a payment was made, which exceeds either alone or in conjunction with the preceding payment (if any) the interest at that time due: add that interest to the principal, and from the sum subtract the payment made at that tine, together with the preceding payment (if any) and the remainder forms a new principal; on which compute and subtract the payments as upon the first principal, and proceed in this manner to the time of final settlement."
8 cts. *260,00 third payment with its interest from the time it 9,75 was paid, up to the end of the year, orefrom
Nov. 14, 1799 to June 29, 9800, which is 71 269,75 amount.