From the amount 1235,975 285,2250 Ans. 2. At what rate per cent. will 5671. 10s. amount to 8731. 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. 7 per cent. 4. At what rate per cent. will 6451. 15s. amount to 9561. 109. 4,125d. in 8 years ? Ans. 5} per cent. CASE IV. The amount, principal, and rate per cent. given, to find the time. 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 cent. per annum ? From the amount $1235,975 Take the principal 950,75 950,75 x 06-57,0450)285,2250(5 years, Ans. 285,2250 2. In what time will 5671. 10s. amount to 8731. 19s. at 0 per cent. per annum? Ans. 9 years. 3. In what time will 340 dols. 25 cts. amount to 626 dols. 6 cts. at 7 per cent per annum ? Ans. 12 years. 4. In what time will 6451. 15s. amount to 9561. 10s, 4,125d. at 51 per ct. per annum? Ans. 8,75=83 years. TO CALCULATE INTEREST FOR DAYS. Rule.-Multiply the principal by the given number of days, and that product by the ratio ; divide the last product by 365 (the number of days in a year) and it will give the interest required. EXAMPLES. A TABLE, showing the number of Days from any day of one month, to the same day of any other month. FROM ANY DAY OF Appl. 90 59 Ans. $10, 53 cts. + £ s. d. qrs. =8652=8 13 0 1,9 2. What is the interest of 640 dols. 60 cts. for 100 days, 3. Required the interest of 2501. 17s. for 120 days, at 5 Ans. £4,1235=41. 2s. 5 d. + 4. Required the interest of 481 dollars 75 cents, for 25 days, at 7 per cent. per annum ? Ans. $2,30 cts. 9m.t. £ 360,5 X 146 x ,06 365 at 6 per cent. per annum? per cent per annum ? Jan. Feb. Mar. Ap’l. May June July Aug. Sept Oct. Nov./Dec. 31 365 335 304 274 243 212 182 1511 121 92 611 31 365 335 304 273 243 212 182 92! 61 30 365 334 304 Nov. 304 273 246 214 184 153 123 92 61 31 365 335 Dec. 334 303 275 244 214 183 153 122 911 61 30 365 When interest is to be calculated on cash accounts, &c. where partial payınents 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 di. vide the last product by 365, and you will have the whole interest due on the account, &c. EXAMPLES. Lent Peter Trusty, per bill ou demand, dated 1st of June, 1800, 2000 dollars, of which I received back the 19th of August, 400 dollars ; ou 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. dols. days. products. June 1, Principal per bill, 2000 79 158000 August 19, Received in part, 400 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 prost, or endorseinents, was established by the Superior Court of the State of Connecticut, in 1784. - If 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 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 added as above.* f 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. EXAMPLES. 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 payment February 19, 1798, 200 2d payment June 29, 1799, 500 3d payment November 14, 1799, 260 I demand how much remains due on said note the 24th of December, 1800 ? 1000,00 dated January 4, 1797. 67,50 interest to February 19, 1798=13! months. 1067,50 amount. (Carried up.] * If a year does not extend beyond the time of final settlement; but if 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 the final settlement, and deduct this amount from 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 settlement, and deduct their amount from the amount of the principale 1067,50 amount. [Brought up. 867,50 balance due, Feb. 19, 1798. 70,845 interest to June 29, 1799=16.4 months. 438,345 balance due June 29, 1799. 26,30 interest for one year. mo. da, 5,687 interest to December 24, 1800.. 5 23 200,579 balance due on the Note, Dec. 24, 1800. RULE II. Established by the Courts of Law in Massachusetts for computing interest on notes, fc. on which partial payments have been endorsed. " 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 time, together with the preceding payments (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.” $ cts. *260,00 third payment with its interest from the time it was paid, up to 9,75 the end of the year, or from Nov, 14, 1799, to June 29, 1800, which is 7 and 1-2 months, 269,75 amount. |