$15-and Oct. 1, 1785, $50; and the judgment is to be entered Dec. 1, 1790. CALCULATION. The principal sum carrying int. from Jan. 1, 1780 $1000 00 Interest to April 1, 1780, 3 months 15 00 Amount 1015 00 24 00 991 00 Paid April 1, 1780, a sum exceeding the interest Remainder for a new principal Int. on $991 from Ap. 1, 1780, to Feb. 1, 1781, 10 m. 49 55 Paid Aug. 1, 1780, a sum less than the inter est then due Remainder for a new principal Interest on 970 dols. 55 cts. from Feb. 1, 1781, Paid July 1, 1781, a sum exceeding the interest Amount 1040 55 $4.00 60 00 70 00 970 55 to 24 26 Amount 994 81 40 00 954 81 167 09 Amount 1121 90 Paid Oct. 1, 1785, do. greater with two last payments than the interest then due 50 00 77 00 Remainder for a new principal 810 65 Paid June 1, 1784, a sum exceeding the interest Paid Sept. 1, 1784, a sum less than the inter Interest on 810 dols. 65 cts. from Oct. 1, 1785, to The following statement of the same Note shows the interest and principal more distinctly separate. 1 principal commencing Jan. 1, 1780, $1000 00 2 payment 4 less than the int. due “ Aug. 1, 9 00 ، 991 00 "Dec. 1, Feb. 1, 1781, 70 less $49,55, for interest then due 20 45 3 principal commencing Feb. 1, 5 pay't 40 less $24,26, for int. due July 1, 4 principal 6 pay't 300 less $167,09, for in. due " June 1, 1784, 132 91 5 principal 7 pay't 12 less than the int. due “ Sept. 1, 8 do. 15 66 9 do. 50 (6 77 less $65,75, for int. then due, 6 principal commencing Oct. 1, " 10 payment 1061,95, less $251,30, for interest due Dec. 1, 1790, RECAPITULATION. payments thus applied. 1780 April 1 Received $24,00 int. $15,00 principal $9 00 Amount received $1572,95 $572,95 princ. $1000 00 interest 572 95 $1572 95 The following example shows how the Massachusetts and Connecticut Court-Rules for calculating interest differ. B. borrows of C, $1500, on his note at 6 per cent. per an. At the expiration of 6 months he pays $1000, which is endorsed on his note, and in 6 months after, he pays it in full. Required the amount due at the expiration of the year. A TABLE, showing the number of Days from any Day in any Month, to the same Day in any other Month, through the Year. From Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct. Nov. Dec. To Jan. 1365 334|306|275|245|214|184|153|122! 92 611 31 Feb. 31365 337|306|276|245|215|184|153|123| 92| 62 Mar. 59 28|365|334|304|273|243|212|181|151|120| 90 Apr. 90 59 311365|335|304|274|243 212|182|151|121 May 120 89 61 30 365|335|304|273 242 212181151 June |151 120 92|61| 31|365|335|304|273|243|212|182 July 181 150 122| 91| 61| 30|365|334|303|273|242|212 Aug. 212 181 153|122|92| 61| 31|365|334|304|273|243 Sept. 243 212 184|153|123| 92| 62|31|365|335|304|274| Oct. 273 242 214 183 153 122 92 61 30 3651334|304 Nov. 304 273 245|214|184|153|123 92 61| 31|365|335 Dec. 334 303 275|244|214|183|153 122 91 61 301365 The payment of $1000 being "made before one year's interest had accrued, and being more than the interest arisen at the time of such payment, the interest is computed on it, from the time it was paid, up to the end of the year, and added to the payment, the sum is deducted from the principal and interest added as above."-Kirby's Reports, page 49. The Use of the Table. Suppose the number of days between the 3d of May and the 3d of November was required; look in the column under May for November, and against that month you will find 184, If the given days be different, it is only adding or subtracting their inequality to or from the tabular number. Thus, from May 3d to Nov. 17th is 184+14—198 days, and from Nov. 17th to May 3d is 181-14=167 days. If the time exceed a year, 365 days must be added; thus, from the 4th of February, 1798, to the 4th of Sept. 1799, is 212-365-577 days. NOTE. In leap years, if the end of the month of February be in the time, one day must be added on that account. COMPOUND INTEREST Is that which arises both from the principal and interest; that is, when the interest on money becomes due, and not paid, it is added to the principal, and interest is calculated on this amount as on the principal before. RULE. Find the simple interest of the given sum for one year, and add it to the principal, and then find the interest for that amount for the next year, and so on for the number of years required. Subtract the principal from the last amount, and the remainder will be the compound interest. EXAMPLES. 1. Required the amount and interest of $629 for 7 years, at 6 per cent. per annum, compound interest? 629,00 principal for 1st year. $629,00 X6÷÷100 37,74 A TABLE showing the amount of one pound or one dollar, for any number of years under 33, at the rates of 5 and 6 per cent. per annum, compound interes:. 28 3,92013 5,11168 13 1,88565 15 2,13292 29 14 1,97993 2,26090 30 4,32194 2,07892 2,39655 31 4,53804 6,08810 16 2,18287 2,54035 32 4,76494 6,45388 4,11613 5,41838 5,74349 The use of this Table is plain and easy-for multiplying the figures standing against the number of years, by the given principal, the product is the amount required. EXAMPLES. 1. What is the amount of $629 for 7 per annum, compound interest? years, at 6 per cent. 1,50363 the tabular number for 7 years. |