5. Jacob M'Ewen, Giles Jackson, John Hastings, and Anthony Minot, were joint tenants of a certain toll bridge, which they held for the term of 14 years, by charter. Their whole expense in building the bridge, was $25745, 50cts., of which M'Ewen paid $4896,67cts., Jackson $1675, Hastings $12392,87cts., and Minot $6780,96cts. At the end of 24 years, M'Ewen sold out to Peter Thomson; at the end of 5 years, Jackson sold out to Jeremiah Apthorp; and at the end of 10 years, Hastings sold his share to James Hawkins; at the expiration of the 14 years, the whole tollage amounted to $30,000. What was each man's share? M'Ewen's, $1018,90c. 2m. + Hastings', 10314,87c.+ Answer. Minot's, 7901,52c. 8m.+ Thomson's, 4686,95c. 2m.+ Apthorp's, 1254,72c. 6m.+ Hawkins', 4125,94c. 8m.+ SIMPLE INTEREST. INTEREST is the sum paid by the borrower to the lender for the use of money lent. The legal interest in most of the United States is 6 per cent. per annum; that is, £6 for the use of £100, or $6 for the use of $100 for one year, &c. Principal is the money for which the compensation is made. Rate is the sum per cent. agreed on. Amount is the principal and interest added together. Interest is of two kinds; simple and compound. Simple Interest is that which is allowed for the sum lent only. RULE.*-Multiply the principal by the rate, and divide the product by 100; and the quotient is the interest for one year. Multiply the interest for one year by the given number of years, and the product is the interest for that time. For any parts of a year, as months, days, &c. di * Simple Interest is only an application of the Rule of Three. vide the interest for one year by the aliquot parts of a year or month; or the interest may be found by a statement in the Rule of Three.* NOTE.-In Federal Money the quotient after the division by 100 gives the answer in the same name with the lowest denomination in the principal. 1. What is the interest of £639 for one year, at 6 per cent. ? 639 £38,34 Ans. £38 6s. 94d.+ 20 s. 6,80 12 d. 9,60 qr. 2,40 -* Calling 30 days a month gives the interest too much. If the principal be small, the errour is trifling. But, if the sum be very large, say-as, 365 days: is to the interest for 1 year: so is the given number of days; to the interest required. 2. What is the interest of 372 dollars for one year, 5 months, and 5 days, at 61 per cent.? 372 6.1 2232 186 4 months, 1 month, $24,18 Interest for one year. 8,06 Interest for four months. 5 days, of 1 mo. 2,01 Interest for one month. 33+ do. five days. $34,59+ Answer. 3. What is the amount of £49 6s. 41d. for one year, at 6 per cent.? £. S. d. 49 6 4 4. What is the interest of 1600 dollars for one year and three months, at 6 per cent. ? 6 per cent. ? Ans. $120. 5. What is the interest of £71 7s. 6d. for 2 years, at Ans. £8 11s. 31d.+ 6. What is the interest of 67 dollars, 62 cents for 3 years and 2 months, at 6 per cent. ? Ans. $12,84cts. 7mills.+ 7. How much is the interest of 325 dollars for 3 years, at 6 per cent.? Ans. $58, 50cts. 8. How much is the interest of 66 cents, 4 mills for one year and 7 months, at 6 per cent.? Ans. 6cts. 3mills.+ 9. What is the interest of 48 dollars, 25 cents, 5 mills for 5 years, at 5 per cent.? Ans. $12,6cts. 3mills. + 10. What is the interest of 48 dollars for 3 years, at 9 per cent. ? Ans. $12,96cts. 11. What is the interest of £5 16s. 3d. for one year and 6 months, at 6 Ans. 10s. 51d.+ 12. What is the interest of 9672 dollars, from Nov. 30, 1823, to July 4, 1826, at 8 per cent. ? per cent. ? Ans. $2007,42cts. 7m.+ To find the interest of any sum at 6 per cent. per annum, for any number of months. RULE.*-Multiply the principal by half the number of months, and that product divided by 100 will be the interest for the given time. EXAMPLES. 1. What is the interest of 64 dollars, 50 cents for 8 months, at 6 per cent.? 8÷2=4 64,50 1,00)2,58,00 Ans. 2 dolls. 58 cents. 2. How much is the interest of 36 dollars, 84 cents for 5 months, at 6 per cent. ? Ans. 92cts. 1 mill. 3. How much is the interest of 750 dollars for 15 months, at 6 per cent.? Ans. $56,25cts. 4. What is the interest of £24 15s. 44d. for 10 months, at 6 per cent. ? Ans. 1 4s. 9d. qr. 5. What is the interest of 468 dollars for one month, at 6 per cent. ? Ans. $2,34cts. To find the interest of any sum for any number of days: when the rate is 6 per cent. RULE.-Multiply the principal by the number of days, and divide the product by 6083; the quotient will be the interest required. * THE REASON of the rule.—When the time is months, multiplying by the rate for the time gives the answer. This rate is found by multiplying the time by the given rate per cent. for a year, and dividing the product by 12; the quotient is the rate required, and is always equal to half the months, when the yearly rate is 6 per cent. EXAMPLES. 1. What is the interest of 376 dollars, 20 cents for 80 days, at 6 per cent. ? 376,20 $cts. m. 6083)30096,00(4,94 7+ Answer. 2. What is the interest of £749 10s. 6d. for 12 days, at 6 per cent.? £. S. d. 749 10 6 12 6083)8994 6 0(£1 9s. 63d.+ Answer. SHORT PRACTICAL RULES For calculating Interest at 6 per cent. either for months, or months and days. 1. FOR POUNDS, SHILLINGS, &c. RULE.-If the principal consists of pounds only, cut off the unit figure, and as it then stands, it will be the interest, for one month, in shillings and decimal parts. Multiply this sum by the given number of months, and take parts for the days, and you will have the answer in shillings and decimal parts, which you may reduce. But if the principal consist of pounds, shillings, &c. reduce it to its decimal value; then remove the decimal point one place or figure, further towards the left hand, and as the number then stands, it will show the interest for one month, in shillings and decimals of a shilling. Multiply by the given time, &c. and you will have the answer. EXAMPLES. 1. Required the interest of £48 for 5 months and 10 days, at 6 per cent. |