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2. What is the interest of $200 for 10 years 3 months

and 6 days at 7 per cent?

$200
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3. What is the interest of $132,26 for 1 year 4 months and 10 days, at 6 per cent per annum ? 4. What is the interest of $25,50 for and 12 days, at 6 per cent?

5. What is the interest of $347,25 for and 6 days, at 4 per cent per annum? cent? At 5 per cent? At 6 per cent? At 7 per cent? At 8 per cent? At 8 at 9 per cent?

Ans. $10,80+. 1 year 9 months Ans. $2,72+. 1 year 1 month Also, at 5 per At 7 per cent? per cent? And

6. What is the interest, at 6 per cent per annum, on $48,32, for 1 year 1 month and 15 days? Ans. $3,26+. 7. What is the interest, at 8 per cent per annum, on $675,87, for 3 years 6 months and 6 days?

Ans. $190,14+.

8. What is the interest, at 7 per cent, on $587,25, for 5 years 5 months and 5 days? Ans. $223,23+.

9. What is the interest on $67589,20 for 3 years 9 months and 12 days, at 5 per cent per annum?

CASE VI.

Ans. $12785,62+.

§ 159. When the sum on which the interest is to be cast is in pounds, shillings, and pence.

RULE.

I. Reduce the shillings and pence to the decimal of a pound (see 135).

II. Then find the interest as though the sum were dollars and cents; after which reduce the decimal part of the answer to shillings and pence (see § 137).

EXAMPLES.

1. What is the interest, at 6 per cent, of £27 15s 9d for 2 years?

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19s 6d, at 6 per cent, Ans. £15 2s 8d+. 15s 4d, at 6 per cent, Ans. £24 18 31d+. 16s 10d, at 6 per cent,

4. What is the interest of £107 for 3 years 6 months and 6 days? Ans. £22 15s ld+. 5. What will £279 13s 8d amount to in 3 years and a

half, at 51 per cent per annum?

6. What is the interest of £514

a half, at 4 per cent?

Ans. £331 1s 6d+.

10s 2d for 3 years and Ans. £72 0s 71d+.

7. What is the interest of £523 11s 6d for 3 years and a half at 6 per cent? Ans. £109 19 Od+.

8. What is the interest on £255 10s 8d at six per cent per annum, for 6yr. 6mo. ? Ans. £99 13s 12d. 9. What is the interest on £53 18s 5d at 6 per cent for 7yr. 12da.? Ans. £22 15s 1d+.

APPLICATIONS.

Calculate the interest on the following notes.

$127,50

New York, January, 1st 1838.

1. For value received I promise to pay on the 10th day of June next, to Wm. Johnson or order, the sum of one hundred and twenty-seven dollars and fifty cents with interest from date, at 7 per cent. John Liberal. Ans. $131,46+.

$306

New York, January 1st, 1833.

2. For value received I promise to pay on the 4th of July, 1835, to Wm. Johnson or order, three hundred and six dollars with interest at 6 per cent from the 1st of March, 1833. John Liberal. Ans. $349,04+.

$1040

Hartford, July, 3rd 1837.

3. Six months after date, I promise to pay to C. Jones or order, one thousand and forty dollars with interest from the 1st of January last, at 7 per cent. Joseph Springs. Ans. $1113,40+.

§ 160. We shall now give the rule established in New York, (See Johnson's Chancery Reports, Vol. I. page 17,) for computing the interest on a bond or note, when partial payments have been made. The same rule is also adopted in Massachusetts, and in most of the other states.

RULE.

I. Compute the interest on the principal to the time of the first payment, and if the payment exceed this interest, add the interest to the principal and from the sum subtract the payment: the remainder forms a new principal.

II. But if the payment is less than the interest, take no notice of it until other payments are made, which in all, shall exceed the interest computed to the time of the last payment: then add the interest, so computed, to the principal, and from the sum subtract the sum of the payments: the remainder will form a new principal on which interest is to be computed as before.

$349,99 8.

EXAMPLES.

May 1st, 1826.

1. For value received I promise to pay James Wilson or order, three hundred and forty-nine dollars ninety-nine cents and eight mills with interest, at 6 per cent.

James Paywell.

On this note were endorsed the following payments:
Dec. 25th, 1826 Received $49,998

July 10th, 1827
Sept. 1st, 1828

June 14th, 1829

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$ 4,998
$15,000
$99,999

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Principal on int. from May 1st, 1826,
Interest to Dec. 25th, 1826, time of
first payment, 7 months 24 days. .
Amount
Payment Dec. 25th, exceeding interest
then due

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Remainder for a new principal.

Interest of $313,649 from Dec. 25th, 1826, to June 14th, 1829, 2 years 5 months 19 days

Payment, July 10th, 1827, less

than interest then due

. $349,998

13,649+ $363,647

$ 49,998
$313,649

Amount

$ 46,472+ $360,121

} $ 4,998

Payment, Sept. 1st, 1828 .

15,008

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Remainder for a new principal, June 14th, 1829

Interest of $240,116 from June 14th, 1829, to April 15th, 1830, 10 months 1 day Total due, April 15th, 1830.

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$3469,32.

2. For value received, I promise to pay WILLIAM JENKS, or order, three thousand four hundred and sixty-nine dollars and thirty-two cents, with interest from date, at 6 per cent. Feb. 6th, 1825. BILL SPENDthrift.

On this note were endorsed the following payments :

May 16th, 1828, received $545,76.
May 16th, 1830, received $1276.
Feb. 1st, 1831, received $2074,72.

What remained due August 11th, 1832?

Ans. $860,55+.

3. A's note of $635,84 was dated Sept. 5th, 1817, on which were endorsed the following payments, viz:Nov. 13th, 1819, $416,08; May 10th, 1820, $152: what was due March 1st, 1821, the interest being 6 per cent? Ans. $168,01+.

COMPOUND INTEREST.

§ 161. Compound Interest is when the interest on a sum of money becoming due, and not being paid, is added to the principal, and the interest then calculated on this · amount, as on a new principal. For example, suppose I were to borrow of Mr. Wilson $200 for one year, at 6 per cent, and at the end of the year pay him neither the inte rest nor principal. Now if Mr. Wilson should add the interest, $12, to the principal, $200, making $212, and charge me with interest on this sum till I paid him, this would be Compound Interest, because it is interest upon interest.

RULE.

Calculate the interest to the time at which it becomes due: then add it to the principal and calculate the interest on the amount as on a new principal: add the interest again to the principal and calculate the interest as before do the same for all the times at which payments of interest become due: from the last result subtract the principal, and the remainder will be the compound interest.

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