1304. Time between Dates. 1. In the common method, by compound subtraction, each month is considered one of 30 days, regardless of its length. EXAMPLE: Find the time between May 13, 1895 and March 2, 1899. 2. A more exact method is to take first the number of entire years, then the number of entire months, and lastly the number of days. May 13, 1895 to May 13, 1898 = 3 years. 3. Another method is to find the difference in years and days. May 13, 1895 to May 13, 1898 – 3 years. = = May 13, 1898 to Mar. 2, 1899 1305. Days of Grace. 293 days. Grace is not allowed on notes, time drafts, etc., in California, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Maine, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Wisconsin. Answers in which days of grace are not included, are inclosed in a parenthesis. When a note falls due on a Sunday or a legal holiday, it is generally payable on the next business day following. In this case, banks include the extra days in calculating discount. Some states, however, require payment on the next preceding business day. In a majority of the states, days of grace are not allowed on sight drafts. 1306. Rates of Interest. The following table shows the rates of interest allowed by law in the several states and territories, the first column giving the rate allowed where none is specified in the note or other docu ment. Any rate up to the one given in the second column is permitted when an agreement is made in writing. |