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$741 for 20 months = 74.10. Divide by 30 for da. $741 for 20 days

2.47 6%

76.57 Add

12.764 1% = $89.337 8. What is the interest of $541.64 for 2 years 6 months and 15 days at 7%. 2 years

720 days. 6 months 180 days.

15 days. 915 days.

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9. What is the interest of $640.74 from April 12th, 1864, to Feb. 22d, 1871, at 9%? yr. da.

= 2160 days.

years 1871 2

10 months = 300 days. 1864 4 12

10 days. 6 10 10

2470 days.

mo.

22

106.79

$640.74 x hl = $263.7713 = Int. at 6%.

100

To which add 1 131.8856
Interest at 9%

= $395.6569

6000

.063 30.00 360.00

6390 1000

5390, Prin.

.061 26.95 323.40

350.35 5390

10. A note was given Apr. 1st, 1872, for $6000, bearing interest from date at 6%. On the back of the note were the following credits: May 1st, 1873, $1000; June 1st, 1874, $1000; July 1st, 1875, $2000. What sum

was still due August 1st, 1877?

REM.—When there are partial payments on a note, and whenever the payment is greater than the interest, it is computed until the time of the payment and added to the principal, from which the payment is deducted, and the balance is then regarded as the principal of the note.

When the payment is less than the interest, the interest must be computed until all the payments are greater than the interest, and then add interest and principal, and from their sum deduct the sum of all the payments, and the balance is then regarded as the principal of the note.

5740.35
1000
4740.35, Prin.

.061 2370.175 28442.10

308.12275 4740.35

5048.47275 2000

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3048.47275, Prin

.121 15.24236375 365.8167300 381.06 3048.47 $3429.53

Due August 1st, 1879.

$5640.50.

April 1st, 1870. 11. Six months after date I promise to pay to John Johnson or order, five thousand six hundred and forty Po dollars, value received.

P. PAYSON.
This note is credited as follows:

1870 Oct. 1st, forty 3% dollars.
1871 Oct. 1st, one hundred dollars.
1872 Oct. 1st, two hundred dollars.

1873 Oct. 1st, one thousand dollars. What sum is due Oct. 1st, 1875?

The first payment is made when there is no interest. As the other payments do not equal the interest until Oct. 1st, 1873, the interest is computed until that time.

The note is due Oct. 1st, 1870, when there is a payment which must be deducted. Interest to Oct. 1st, 1873, 3 years, 5600 x 108

Oct. 1st, 1873, sum of payments.
Interest to Oct. 1st, 1875, $5308 X 1060

$5640.50

40.50 5600 Principal. 1008 Int. to 1st Oct., 1873, 6608 Amt. 1300 Sum paid “ 5308 Prin. 1st Oct., 1873.

639.96 Int. to 1st Oct., 1875. Amt. due Oct. 1st, 1875 = $5947.96

REM.-When interest is not inserted in the note it takes the legal rate, which is generally 6%. In all places the years and months are computed alike, but in New York and several other States, the days are in their ratio to 363 instead of 360.

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1. One is what part of 100, or 1 is what per cent of 100?

Ans. Too, or 1%. 2. 2 is what part of 100, or 2 is what per cent of 100?.

Ans. to, or 2%. 3. 3 is what part of 100, or 3 is what per cent of 100?

Ans. tio, or 3%. 4. 20 is what part of 100, or 20' is what per cent of 100?

Ans. }, or 20% 5. 25 is what part of 100, or 25 is what per cent of 100?

Ans. 1, or 25%. 6. 50 is what part of 100, or 50 is what per cent of 100?

Ans. , or 50% 7. $ is what % of 1 ?

Ans. 331%. 8. j is what % of 1?

Ans. 668%. 9. 4 is what % of 1 ?

Ans. 144 10. \ is what % of 1 ?

Ans. 284% 11. 5 is what per cent of 10 ?

Ans. 50%. 12. 10 is what per cent of 10?

Ans. 100% 13. 3 is what per cent of 10 ?

Ans. 30% 14. 21 is what per cent of 10 ?

Ans. 25% 15. 2 is what per cent of 10 ?

Ans. 20% 16. 1 is what per cent of 10 ?

Ans. 10%. 17. } is what per cent of 10 ?

Ans. 5%.

18. ] is what per cent of 10?
19. 1 is what % of 6 ?
20. 2 is what % of 6 ?
21. 3 is what % of 6?
22. 4 is what % of 6 ?
23. 5 is what % of 6 ?
24, 6 is what % of 6 ?
25. { is what % of 6 ?
26. 1 is what% of 6?

Ans. 21%. Ans. = 10%. Ans. = 33% .

Ans. L = 50%. Ans. = 66%. Ans. = 831%. Ans. = 100%. . Ans. t = 81% Ans. 4 = 41%

1

INTEREST.

1. The interest of $100 at 6% for 12 months is $100 x 180.x = $6.00.

. 2. The interest of $100 at 6% for 6 months is

$100 X To X = $3.00. IST PRINCIPLE.—The interest is equal to the product of the principal, rate, and time; that is, the interest is the product of three factors.

2D PRINCIPLE.—Any one of these factors may be found by dividing the product of the three factors by the product of the other two.

Cor. 1.-If the interest is divided by the product of the principal and rate, the quotient is the time; thus,

6
100 X TST

=

1 year = time.

Cor. 2.-If the interest is divided by the product

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