9. What is the interest of $1.71 for 24 months 2 days ? Ans. $ 0.20. 10. Required the interest of $ 100 for 100 months 1 day. Ans. $ 50.01. 11. Required the interest of three dollars and five cents for 2 months and 2 days. Ans. $ 0.03. IV. When the interest is required on any sum, from a certain day of the month in a year, to a particular day of a month in the same, or in another year, we adopt the following RULE. mo. mo. da. Find the time by placing the latest date in the upper line, and the earliest date under it. Let the year be placed first; and the number of months that have elapsed since the year commenced annexed at the right hand, and the day of the month next; then subtract the earlier from the later date, and the remainder is the time, for which the interest is required. Then proceed as in the last rule. Note. Some Arithmeticians prefer reckoning the months by their ordinal number, as in operation 2d. 1. What is the interest of $ 172.50, from Sept. 25, 1840, to July 9, 1842 ? Ans. $ 18.51.5. OPERATION 2d. Y. 1842 7 9 1840 8 25 1840 9 25 1 9 14 1 9 14 $17 2.50 It will be perceived, that the 1.074 result in finding the time is the 120750 same in operation 2d, as in ope17 2 5 0 ration 1st. 5750 $ 1 8.5 15 00 2. What is the interest of $ 169.75, from Dec. 10, 1838, to May 5, 1841 ? Ans. $ 24.47. 3. What is the interest of $ 17.18, from July 29, 1837, to Sept. 1, 1841 ? Ans. $ 4.21. 4. What is the interest of $67.07, from April 7, 1839, to Dec. 11, 1841 ? Ans. $ 10.77. 5. Required the interest of $117.75, from Jan. 7, 1839, to Dec. 19, 1841. Ans. $ 20.84. 6. Required the interest of $ 847.15, from Oct. 9, 1839, to Jan. 11, 1843. Ans. $ 165.47. 7. Required the interest of $7.18, from March 1, 1841, to Feb. 11, 1842. Ans. $ 0.40. 8. What is the interest of $ 976.18, from May 29, 1842, to Nov. 25, 1845 ? Ans. $ 204.34. 9. I have John Smith's note for $ 144, dated July 25, 1839; what is due March 9, 1842 ? Ans. $ 166.65. 10. L. Johnson has J. Kimball's note, dated June 4, 1841, for $ 123 ; what is due to Johnson Dec. 7, 1843 ? Ans. $ 141.51. 11. George Cogswell has two notes against J. Doe; the first is for $375.83, and is dated Jan. 19, 1840 ; the other is for $ 76.19, dated April 23, 1841 ; what is the amount of both notes Jan. 1, 1842 ? Ans. $ 499.14. 12. What is the interest of $ 68.19, at 7 per cent., from June 5, 1840, to June 11, 1841 ? Ans. $ 4.85. 13. Required the amount of $79.15, from Feb. 17, 1839, to Dec. 30, 1842, at 71 per cent. Ans. $ 102.11. 14. What is the amount of $ 89.96, from June 19, 1840, to Dec. 9, 1841, at 84 per cent. Ans. $ 100.88. 15. A. Atwood has J. Smith's note for $ 325, dated June 5, 1839 ; what is due at 74 per cent., July 4, 1841 ? Ans. $ 374.02. 16. J. Ayer has D. How's note for $ 1723, dated Dec. 29, 1839; what is the amount Oct. 9, 1842, at 9 per cent. ? Ans. $ 2160.00. 17. What is the interest of $ 976.18, from Jan. 29, 1841, to July 4, 1842, at 12 per cent. ? Ans. $ 167.57. 18. What is the interest of $ 176:17, from June 19, 1839, to Sept. 7, 1843, at 9 per cent. ? Ans. $ 72.42. 19. What is the amount of J. Turner's note for $ 87.25, dated June 1, 1841, to Dec. 17, 1843, at 5 per cent. ? Ans. $ 98.35. 20. What is the amount of $379.78, from Dec. 3, 1808, to August 23, 1847, at 74 per cent. ? Ans. $ 1519.48. Section 34. PARTIAL PAYMENTS. I. When notes are paid within one year from the time they become due, it has been the usual custom to find the amount of the principal from the time it became due until the time of payment, and to find the amount of each indorsement from the time it was paid until settlement, and to subtract their sum from the amount of the principal. 1. $ 1234. Boston, Jan. 1, 1843. For value received, I promise to pay John Smith, or order, on demand, one thousand two hundred thirty-four dollars, with interest. John Y. Jones. Attest, Samuel Emerson. On this note are the following indorsements. March 1, 1843. Received ninety-eight dollars. June 7, 1843. Received five hundred dollars. Sept. 25, 1843. Received two hundred ninety dollars. Dec. 8, 1843. Received one hundred dollars. What remains due at the time of payment, Jan. 1, 1844 ? Ans. $ 293.12. Principal $ 1234.00 Interest for one year. 74.04 Amount 1308.04 First payment $98.00 Interest for 10 months 4.90 Second payment 500.00 Interest for 6 months 24 days 17.00 Third payment 290.00 Interest for 3 months 6 days 4.64 Fourth payment 100.00 Interest for 23 days 38 $ 1014.92 Balance, remains due, Jan. 1, 1844 $ 293.12 2. $ 876.50. Boston, Sept. 25, 1842. For value received, I promise to pay James Savage, or order, on demand, eight hundred seventy-six dollars fifty cents, with interest. Savage James. Attest, John True. On this note are the following indorsements. Dec. 6, 1842. Received ninety-seven dollars. Jan. 1, 1843. Received two hundred sixty-five dollars. March 11, 1843. Received one hundred seventy dollars. July 4, 1843. Received seventy-nine dollars. What remains due Aug. 6, 1843 ? Ans. $293.04. $ 987.75. Danvers, Jan. 11, 1842. For value received, we jointly and severally promise to pay Fitch Pool, or order, on demand two months from date, nine hundred eighty-seven dollars seventy-five cents, with interest after two months. John T. Johnson. Attest, Isaiah Webster. Samuel Jones. On this note are the following indorsements. May 1, 1842. Received three hundred dollars. June 5, 1842. Received four hundred dollars. Sept. 25, 1842. Received one hundred and fifty dollars. What is due Dec. 13, 1842 ? Ans. $ 156.94. 4. $ 800. Bradford, July 4, 1842. For value received, I promise to pay Leonard Johnson, or order, on demand, eight hundred dollars, with interest. Samuel Neverpay. Attest, Enoch True. On this note are the following indorsements. Aug. 10, 1842. Received one hundred forty-four dollars. Nov. 1, 1842. Received ninety dollars. Jan. 1, 1843. Received four hundred dollars. March 4, 1843. Received one hundred dollars. What remains due June 1, 1843 ? Ans. $ 88.02. II. In the United States' Court, and in most of the Courts of the several States, the following rule is adopted for estimating the interest on notes and bonds, when partial payments have been made. Compute the interest on the principal sum, from the time when the interest commenced to the time when the first pay. ment was made, which exceeds, either alone or in conjunction with the preceding payments, if any, the interest at that time due ; add that interest to the principal, and from the sum subtract the payment made at that time, together with the preceding payments, if any, and the remainder forms a new principal ; on which compute and subtract the interest, as upon the first principal, and proceed in the same manner to the time of judgment. This rule is illustrated in the following question. 1. $ 365.50. Lynn, Jan. 1, 1842. For value received, I promise to pay John Dow, or order, on demand, three hundred sixty-five dollars fifty cents, with interest. John Smith. On this note are the following indorsements. What remains due Jan. 7, 1847 ? Ans. $ 92.53. OPERATION. Principal carrying interest from Jan. 1, 1842, to $365.50 9.68 Amount 375.18 First payment, June 10, 1842 50.00 Balance for new principal 325.18 |