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st MPLE INTEREST ow. DECIMALs. 1 aw
From the amount = 1235,975 Take the principal = 950,75 950,75×5–4753,75)285,2250(,06=6 per cent. 285,2250 Ans. 2. At what rate per cent. will 5671. 10s, amount to 873. 19s, in 9 years? Ans. 6 per cent. 3. At what rate percent will 340 dols. 25 cts amount to 626 dols. 6 cts, in 12 years? Ans. 7 per cent. 4. At what rate per cent will 6451.15s. amount to 956. 10s. 4,125d. in 81 years? Ans. 54 per cent.
The amount, principa, and rate per cent, given, to find the time. Rule.—Subtract the principal from the amount; divide the remainder by the product of the ratio and principal; and the quotient will be the time. -----------1. In what time will 950 dols, 75 cts, amount to 1235 Hollars, 97.5 cents, at 6 per cent per annum ? From the amount $1235,975 Take the principal 950,75
950,75×06–57,0450).285,2250(5 years, Ans.
2. In what time will 5671. 10s, amount to 8731. 19s. at uper cent per annum? Ans. 9 years.
3. In what time will 340 dols. 25 cts, amount to 626 tols. 6 cts. at 7 per cent per annum? Ans. 12 years.
4. In what time will 6451. 15s, amount to 9561. 10s. 4,125d. at 54 per ct. per annum ? Ans. 8,75–8: wears.
To calcut--------not-run n--Rute-Multiply the principal by the given number of days, and that product by the ratio; divide the last product by 365 (the num•er of days in a year) and it will give the interest required. -------
1. Whatisthe interest of 3601 10s. for 146 days, at 6 prict.”
INTEREST BY DECIMALs. 2. What is the interest of 640dols. 60 cts. for 100 days,
A TABLE, showing the number of Days from any aay or one month, to the same day of any other month.
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.
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. dols, days, products. June 1, Principal per bill, 2000 || 79 15S000 August 19, Received in part, 100
Balance, 1600 57 01:200 October 15, Received in part, Gt)0
Balance, 1000 || 57 5700s) December 11, Received in part, 400 1801. Balance, 600 6S 40800
February 17, Received in part, 200
Balance, 400 June 1, Rec'd in full of principal, 400
Then 388600 ,06 Ratio.
- 3 cos. m.
365)23316,0003,879 Ans. - 63 87 94.
The following Rule for computing interest on any note,
or obligation, when there are payments in part, or endorse
to ents, was established by the Superior Court of the State of Connecticut, in 1784 o 2
162 SIMPLE INTEREST BY DECIMALs.
RULE. “Compute the interest to the time of the first payment, 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 pay
ment, 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 or 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 becom puted but only on the principal sum for any period.” Kirby's Reports, page 49. Ex-M-LEs.
A bond, or note, dated January 4th, 1797, was given for 1000 dollars, interest at 6 per cent, and there were pay
ments endorsed upon it as follows, viz. s 1st payment February 19, 1798, 200 2d payment June 29, 1799, 500 3d payment November 14, 1799, 200
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.
1067,50 amount. [Carried 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 the final settlement, and deduct this amount from the amount of the principal. But is there be several payments made within the said time, find the amount of the several payments, from the time they were paid, to the time of settlement, and deduct their amount from the amount of taenrincina.