EXAMPLES. 1. What is the interest of 341 dols. 52 cts. for 7 months ? 2)341,52 Or thus, 170,76 Int. for 1 month 170,76 Int. for 1 month. X7,5 months. 85380 1195,32 do. for 7 mo. 119532 85,38 do. for ļ mo. $ cts. m. 1280,700cts.=12,80 7 1280,70 Ans. 1280,7cts.=$12, 80cts. 7m. 2. Required the interest of 10 dols. 44 cts. for 3 years, 5 months and 10 days, 2)10,44 10 days=)) 5,22 Interest for 1 monthi, 41 months. 5,22 208,8 214,02 ditto for 41 monthis. 1,74 ditto for 10 days. 215,76cts. Ans. = $2, 15cts. 7m.+ 3. What is the interest of 342 dollars for 11 months ? Theis 171 Interest for one month. 11 ins. 1881cts.=$18, 81cts. NOTE.---To find the interest of any sum for 2 months, at 6 per cent, you need only call the dollars so many cents, and the inferior denominations decimals of a cent, and it is done : Thus, the interest of 100 dollars for two months, is 100 cents, or 1 dollar; and $25, 40 cts. is 25 cts. 4 m. &c. which gives the following RULE II. Multiply the principal by half the number of months, and the product will show the interest for the given time, in cents and decimals of a cent, as above. EXAMPLES. 1. Required the interest of 316 dollars for 1 year and 10 months. 11=\ 'ie number of mo. Ans, 3476cts.= $34, 70cls 2. What is the interest o. 364 dols 25cts. for 4 months ? cts. 364, 25 2 half the months. 728, 50cts. Ans.=$7, 28cts. 5m. III. When the principal is given in federal money, at 6 per cent to find how much the monthly interest will be in New-England, &c. currency. RULE. Multiply the given principal by ,03 and the product will be the interest for one month, in shillings and decimal parts of a shilling EXAMPLES. 1. What is the interest of 325 dols, for 11 months ? ,03 9,75 shil. int. for 1 month Ins. 107,258. = £5 7s. Sd. 2. What is the interest in New England currency, of 31 dols. 68 cts. for 5 months ? Principal 31,68 dols. ,03 ,9504 Interest for one month. 5 Ans. 4,75208=4s. Id. 12 9,0240 130 IV. When the principal is given m pounds, shillings, &c. New-England currency, at 6 per cent. to find how much the monthly interest will be in federal money. RULE. Multiply, the pounds, &c. by 5, and divide that product by 3, the quotient will be the interest for one month, in cents, and decimals of a cent, &c EXAMPLES. 1. A note for £411 New-England currency has been on interest one month ; how much is the interest thereof in federal money ? £. 411 5 3)2055 Ans. 685cts. =$6, 85cts. 2. Required the interest of 391. 18s. N. E. currency, for 7 months ? t 39,9 decimal value. 5 3) 199,5 Interest for 1 mo. 66,5 cents. 7 Ditto for 7 months, 465,5cts. $4, 65cts. 5m. Ans. V. When the principal is given in New-England and Virginia currency, at 6 per cent. to find the interest for a year, in dollars, cents and mills, by inspection. RULE. Since the interest of a year will be just so many cents as the given principal contains shillings, therefore, write down the shillings and call them cents, and the pence in the principal made less by 1 if they exceed 3, or by 2 when they exceed 9, will be the mills, very nearly. EXAMPLES 1. What is the interest of 21. 5s. for a year at 6 per ct. ? £2 58.45s. Interest 45cts. the Answer. 2. Required the interest of 1001. for a year at 6 per ct. ? £100=2000s. Interest 2000cts.=$20 Ans. 3. Of 27s. 6d. for a year? Ans. 27s. is 27 cts, and 6d. is 5 mills. 4. Required the interest of 5l. 10s. 11d. for a year ? £5 10s.=110s. Interest 110cts.=$1, 10cts. Om 11 pence--2 per rule leaves 9= 9 Ans. $1, 10 9 VI. To compute the interest on any note or obligation, when there are payments in part, or endorsements. RULE. 1. Find the amount of the whole principal for the whole time. 2. Cast the interest on the several payments, from the time they were paid, to the time of settlement, and find their amount ; and lastly deduct the amount of the several payments, from the amount of the principal. EXAMPLES. Suppose a bond or note dated April 17, 1793, was given for 675 dollars, interest at 6 per cent. and there were paymentsendorsed upon it as follows, viz. First payment, 148 dollars, May 7, 179.1. Third payment, 99 dols. Jan. 2, 1798. I demand how much remains due on said note, the 17th of June, 1798 ? cts. 148, 00 first payment, May 7,1794. 36, 50 interest up to-June 17, 1798.=4 11 ገ mo 184, 50 amount 341, 00 second payment, Aug. 17, 1796. Yr. mo, 37, 51 Interest to June 17, 1798 10 878, 51 amount. (Carried over $ cts. 101, 72 amount.. 184, 50 378, 51 several amounts. 101, 72 664, 73 total amount of payments. 675, 00 note, dated April 17,1793. 209, 25 Interest to June 17, 1798. mo. 84, 25 amount of the note. 664, 73 amount of payments. $219, 52 remains due on the note, June 17, JS. 2. On the 16th of January, 1795, I lent James Paywell 500 dollars, on interest at 6 per cent. which I received back in the following partial payments, as under, viz. Ist of April, 1796 $ 50 16th of July, 1797 400 1st of Sept. 1798 60 Ilow stands the balance between us, on the 16th No vember, 1800 ? Ans. due to me $63, 18cts. 3. A PROMISSORY NOTE, viz. £62 10s. New-London, April 4, 1797. On demand I promise to pay Timothy Careful, sixty two pounds, ten shillings, and interest at 6 per cent. per annum, till paid ; value received. JOHN STANBY, PETER PAYWELL. RICHARD TESTIS Endorsements. 1st. Received in part of the above note, September 4, 1799. 50 0 And payment June 4, 1800, 12 10 How much remains due on said note, the fourth day of December, 1800 ? £. d. Ins. 9 12 6 fo |