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41. What is the interest on $200 at 6% for 1 yr. ? for 1 mo.? for 2 mo. ? for 7 mo.? 42. What is the interest on $600 at 6% for 1 yr.? for 1

for 3 mo.? for 10 mo.? for 8 mo. ? 43. What is the interest on $500 at 6% for 2 yr.? for 21 yr. ? for 2 yr. 5 mo. ? for 2 yr. 7 mo. ?

mo.

Given the principal, rate, and time, find the interest : 44. $300, 2 yr. 5 mo., 4% 54. $1200, 1 yr. 7 mo., 6%. 45. $400, 2 yr. 5 mo., 3% 55. $1200, 1 yr. 7 mo., 5%. 46. $600, 1 yr. 6 mo., 6% 56. $1200, 2 yr. 2 mo., 6%. 47. $600, 1 yr. 8 mo., 6%. 57. $1500, 2 yr. 2 mo., 6%. 48. $600, 1 yr. 8 mo., 5%. 8. $1500, 2 yr. 9 mo., 6% 49. $500, 1 yr. 9 mo., 6%. 59. $1500, 2 yr. 9 mo., 5%. 50. $600, 1 yr. 9 mo., 5% 60. $1800, 3 yr. 8 mo., 6% 51. $500, 2 yr. 10 mo., 6%. 61. $1800, 3 yr. 2 mo., 6% 52. $800, 3 yr. 5 mo., 6%. 62. $1800,

62. $1800, 3 yr. 2 mo., 5%53. $900, 2 yr. 3 mo., 5% 63. $2500, 4 yr. 3 mo., 6%.

64. What is the interest on $436, at 6%, for 1 yr. ? for 6 mo.? for 4 mo.? for 8 mo. ? for 3 yr. 10 mo. ?

65. What is the interest on $360, at 5%, for 1 yr. ? for 6 mo.? for 10 mo. ? for 1 mo. ? for 2 yr. 9 mo. ?

66. If the interest on a certain sum is $93.84 for 1 yr., how much is it for 3 mo.? for 6 mo.? for 1 yr.

9 mo.? 67. If the interest on a certain sum is $36.48 for 1

yr., how much is it for 1 mo.? for 5 mo. ? for 3

yr.

10 mo.? 68. What is the interest on $540, at 4%, for 1 yr. ? for 1 mo. ? for } mo. ? for 24 mo. ? for 51 mo. ?

69. What is the interest on $175.50, at 4%, for 1 yr.? for 6 mo. ? for 4 mo. ? for 3 mo.? for 1 mo. ? for 2 mo. ?

249. Interest when the Time involves Days. If the time involves days, we may reduce it to a fraction of a year and proceed as in $ 248.

For example, find the interest on $480 for 3 yr. 3 mo 10 da. at 5%

10 da. =

18 mo. = mo.
3} mo. = 10 of 12 yr. = yr.

59 x 5 x $480
310 x 5% of $480

= $78.67. 18 x 100

It is the custom in computing interest in this way to take 30 da. to the month, or 360 da. to the year, and to find the interest to the nearest cent.

EXERCISE 146

Find the interest on :

4 mo.

1. $100, at 6%, for 2 yr. 6 mo.
2. $100, at 6%, for 2 yr. 6 mo. 10 da.
3. $100, at 6%, for 3 yr.

15 da.
4. $200, at 5%, for 3 yr. 4 mo. 20 da.
5. $300, at 5%, for 3 yr. 8 mo. 20 da.
6. $275, at 4%, for 1 yr. 9 mo. 15 da.
7. $375, at 5%, for 2 yr. 9 mo. 15 da.
8. $450, at 6%, for 3 yr. 10 mo. 6 da.
9. $525, at 6%, for 4 yr. 10 mo. 6 da.
10. $675, at 5%, for 2 yr. 3 mo. 10 da.
11. $575, at 5%, for 3 yr. 3 mo. 3 da.
12. $825, at 4%, for 2 yr. 3 mo. 3 da.
13. $1250, at 51%, for 2 yr. 6 mo. 15 da.
14. $1500, at 43%, for 3 yr. 6 mo. 20 da.
15. $2500, at 3%, for 2 yr. 4 mo. 15 da.
16. $3500, at 34%, for 3 yr. 7 mo. 10 da.

250. Difference between Dates. The time between two dates may be found as here shown. For example, required to find the time from April 16, 1914, to February 5, 1919. Since February is the second month of the year, and April the

fourth, the work is arranged as here shown. We

then subtract as with other compound numbers ; 1919 2 5

5 – 16 is impossible, but 35 – 16 = 19. Proceeding 1914 4 16

in the usual manner, the result is 4 yr. 9 mo. 4 9 19 19 da. In such cases allow 30 da. to the month.

yr. .

mo.

da.

EXERCISE 147

Find the difference in time between these dates :
1. Sept. 2, 1914, Oct. 15, 1919.
2. Oct. 5, 1914, Jan. 25, 1920.
3. Aug. 7, 1915, June 4, 1921.
4. Nov. 10, 1916, Jan. 5, 1920.
5. Aug. 23, 1915, Jan. 9, 1920.

6. What is the interest on $375 from July 4, 1914, to July 4, 1917, at 6%?

7. What is the interest on $650 from July 20, 1914, to May 20, 1917, at 5% ?

8. What is the interest on $825 from May 12, 1915, to Feb. 12, 1919, at 41%?

9. What is the interest on $360 from June 8, 1916, to April 6, 1918, at 6%? 10. What is the interest on $480 from March 7, 1916, to April 9, 1918, at 5% ?

11. What is the interest on $750 from Nov. 8, 1916, to Feb. 22, 1918, at 5%?

12. What is the amount of $650 at interest at 6% from Sept. 27, 1915, to March 12, 1918?

251. Promissory Notes. A written promise to pay a specified sum of money on demand or at a specified time is called a promissory note, or simply a note.

252. Parties to a Note. The person who signs a note is called the maker. The person to whom a note is payable is called the payee. The lawful owner of a note is called the holder.

A note may be made payable to bearer, in which case it is lawful to pay it to any one who presents it to the maker.

It may be made payable to some person named in the note, in which case he or his legal representatives must present it. Such a note is said to be non-negotiable.

It may be made payable to the payee, or order, in which case the payee may transfer it to another person by writing his own name on the back, thus indorsing the note. Such a note is said to be, like one payable to bearer, negotiable.

An indorser of a note is responsible for its payment if the maker does not pay it, unless he writes the words “ without recourse above his signature.

253. Form of a Note. A common form of note is as follows:

$375.25.

Albany, N.Y., June 1, 1913 Six months after date, I promise to pay Frank Mills, or order, Three Hundred Seventy-five and 25 Dollars, with interest at 5%, for value received.

James Lang Here the maker is James Lang, and the payee is Frank Mills. If the payee writes across the back, Payable to the order of John B. Brown,

Frank Mills he becomes an indorser, and John B. Brown becomes the holder.

If Frank Mills writes simply his name across the back, the note becomes payable to bearer, that is, to any one who may have it.

This note is due on Dec. 1, 1913, which is called the day of maturity.

The words "with interest,” without specifying the rate, carry the legal rate of the state in which the note is made.

EXERCISE 148

Find the day of maturity and amount due, having given :

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6 mo.

Write notes for the following, and compute the interest : 7. $400 June 6, 1914

6%
8. $600 Nov. 9, 1914
9. $750 Jan. 7, 1913

6%

4 mo.

5%

3 mo.

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Find the amount due at maturity on the following notes : 10. $200.

ROCHESTER, N.Y., Oct. 20, 1914 Sixty days after date, I promise to pay George A. Wood, or order, Two Hundred Dollars, with interest at 5%. Value received.

JAMES SINCLAIR

11. $1200.

UTICA, N.Y., Mar. 7, 1914, Ninety days after date, I promise to pay James Goodwin, or order, Twelve Hundred Dollars, with interest at 6%. Value received.

JAMES HILTON

12. $375.50.

ELMIRA, N.Y., Apr. 6, 1914 One year after date, I promise to pay Francis Warren, or order, Three Hundred Seventy-five and %% Dollars, with interest at 5% Value received.

ALFRED GIBSON

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