A TABLE, showing the number of Days from any day of one month, to the same day of any other month. 311 59 1. What is the interest of 3601. 10s. for- 146 days, at 6 EXAMPLES Ans. $10,53cts. + fr. s. d. qrs. =8652=8 13 0 1,9 Ans. 2. What is the interest of 640 dols. 60 cts. for 100 days 3. Required the interest of 250l. 17s. for 120 days at Ans. £4,1235=41. 2s. 5 d. + 4. Required the interest of 48î dollars 75 cents, for 25 days, at 7 per cent. per annum ? Ans. $2, 30cts. In. + £ 360,5 X 146X,06 365 at 6 per cent. per annum ? 5 per cent. per annum ? FROM ANY DAY OF 89 611 30 365 $34 304 273 242 212 181 151 91 611 30 365 3341 303273 242 2101 16 per cent. 611 30 3651 When interest is to be calculated on cash accounts, &c where partial payments are made ; multiply the several balances into the days they are at interest, then multiply the sum of these products by the rate on the dollar, and divide the last product by 365, and you will have the whole interest due on the account, &c. EXAMPLES. Lent Peter Trusty, per bill on demand, dated 1st of June, 1800, 2000 dollars, of which I received back the 19th of August, 400 dollars; on the 15th of October, 600 dollars; on the 11th of December, 400 dollars ; on the 17th of February, 1801, 200 dollars; and on the 1st of June, 400 dollars; how much interest is due on the bill, reckoning at 6 per cent. ? 1800, dolls. days. products June 1, Principal per bill, 2000 79 | 158000 August 19, Received in part, 400 Balance, 1600 57 91200 October 15, Received in part, 600 Balance, 1000) 57 57000 December 11, Received in part, 400 1801, Balance, 600 68 40800 February 17, Received in part, 200 Balance, 400 104 41600 June 1, Rec'd in full of principal, 400 388600 Then 388600 ,06 Ratio. $ cts, m. 365)23316,00(63,879 Ans. + 63 87 9+ The following Rule for computing interest on any note, or obligation, when there are payments in part, or endorsements, was established by the Superior Court of the Stare of Connecticut, in 1784. RULE. " Compute the interest to the time of the first ment; if that be one year or more from the time the interest commenced, add it to the principal, and deduct the payment from the sum total. If there be after payments made, compute the interest on the balance due to the next payment, and then deduct the payment as above; and in like manner from one payment to another, till all the payments are absorbed; provided the time between one payment and another be one year or more. But if any payment be made before one year's interest hath accrued, then compute the interest on the principal sum due on the obligation for one year, add it to the principal, and compute the interest on the sum paid, from the time it was paid, up to the end of the year; add it to the sum paid, and deduct that sum from the principal and interest added as above.* “ If any payments be made of a less sum than the interest arisen at the time of such payment, no interest is to be computed but only on the principal sum for any Kirby's Reports, page 49. A bond, or note, dated January 4th, 1797, was given for 1000 dollars, interest at 6 percent. and there were payments endorsed upon it as follows, viz. 8 ist payment February 19, 1798. 200 2d payment June 29, 1799. 500 Sd payment November 14, 1799 260 I demand how much remains due on said note the 24th of December, 1800 ? 1000,00 dated January 4, 1797. 67,50 Interest to February 19, 1798=13} months. period.” EXAMPLES. 1 1067,50'amount. [Càrried up *If a year does not extend beyond the time of final settlement; but if it does, then find the amount of the principal sum due on the obligation, up to the time of settlement, and likewise find the amount of the sum paid, from the time it was paid, up to the time of final settlement, and deduct this amount from the amount of the principal. But if there be several payments made within the said time, find the amount of the several pay1:369ts, from the tiine they were paid, to the time of settlement, { dodurt thrir amount from the amount of the principal. 1067,50 amount. [Brought p. 867,50 balance due, Feb. 19, 1798. 938,345 amount. : 500,000 second payment deducted. 438,345 balance due, June 29, 1799. 464,645 amount for one year. 5,687 Interest to December 24, 1800. 5 25 mo. da. 200,579 balance due on the Note, Dec. 24, 1800. RULE II. Established by the Courts of Law in Massachusetts for computing interest on notes, &-c. on which partial payments have been endorsed. “ Compute the interest on the principal sum, from the time when the interest commenced to the first time when a payment was made, which exceeds either alone or in conjunction with the preceding payment (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 payment (if any) and the remainder forms a new principal; on which compute and subtract the payments as upon the first principal, and proceed in this manner to the time of final settlement.” 8 cts. *260,00 third payment with its interest from the time it 9,75 was paid, up to the end of the year, or from Nov. 14, 1799 to June 29, 1800, which is 7) 269,75 amount. [months. Let the foregoing example be solved by this Rule. A note for 1000 dols. dated Jan. 4, 1797, at 6 per cent 1st payment February 19, 1798. $200 2d payment June 29, 1799. 500 3d payment November 14, 1799. 260 How much remains due on said note the 24th of De oember, 1800 ? 8 cts. Principal, January 4, 1797, 1000,00 Interest to Feb. 19, 1798, (13) mno.) 67,50 Remains for a new principal, 438,34 9,86 November 14, 1799, paid Amount, 448,20 260,00 Remains a new principal, 188,20 12,70 200,90 Balance due on said note, Dec. 24, 1800, 8 cts. The balance by Rule l. 200,579 By Rule II. 900,990 Difference, 0,411 Another Example in Rule II. A bond or note, dated February 1, 1800, was given for 500 doli...s, interest at 6 per cent. and there were payantents endorsed upon it as follows, viz. Scts, 1st payment May 1, 1800, 40,00 2d payment November 14, 1800, 8,00 |