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From the amount 1235,975
ins. 2. At what rate per cent. will 2671. 10s. amount to 8731. 198. in 9 years ?
Ans. 6 per cent. Ş. At what rate per cent. will 340 dols. 25 cts. amount 20 620 dols. 6 cts. in 12 years ? Ans. 7 per cent.
4. At what rate per cent. will 6451. 158. amount to 9561. 10s. 4,125d. in 8 years : Ans. 55 per cent.
CASE IV. The amount, principal, and rate per cent. given, to find
RULE. Subtract the principal 097n the amount; divide the remainder by the product of the ratio and principal, and the quotient will be the time.
EXAMPLES. 1. In what time will 950 dols. 75 cts. amount to 1235 dollars, 97,5 cents, at 6 per cent. per annuin ?
From the amount $1235,975
2. In what time will 5671. 108. amount to 8731. 13s. at 6 per annum
Ans. 9 years, 3. In what time will 340 dols. 25 cts. amount to 626 dols. 6 cents at 7 per cent. per annuin + Ans. 12 years.
4. In what time will 6451. 15s. amount to 5561. 10s. 4,125d. at 55 per ct. per annum ? Ans.8,75=81 years.
TO CALCULATE INTEREST FOR DAYS.
RULE. Multiply the principal by the given nurrber of dav. sad that product by the ratio; divide the last product *** $65 (the number of days in a yeaio) and it will give the
A TABLE, showing the number of Days from any day of one month
to the same dæy of any other month.
EXAMPLES. 1. What is the interest of 3606. 10s. for 146 days, at 6
Ans. $10,53cts. + f. s. d. grs.
-=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 2501. 17s. for 120 days at
Ans. 64,1255=41. 2s. 5jd. + 4. Required the interest of 48î dollars 75 cents, for 25 days, at 7 per cent. per annum ? Ans. 82, 30cts. 9m. +
f. 360,5 x 146X,06
365 at 6 per cent. per annum ? 5 per cent. per annum ?
FROM ANY DAY OF
281 365 334 304 273 243 212 181) 151 120) 90
S0 365334 304 273 242 212 181 151,
61 31) 365 335| 304 273 243 212 189
per cent. ?
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 suin of these products by the rate on the collar, and divide the last product by 365, and you will have the whule interest due on the account, &c.
Lent Peter Trusty, per bill on demand, dated 1st of June, 1800, 2000 dollars, of which I receiver 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 lot of June, 400 dollars: how much interest is due on the bill, reckoning at 6 per cent. P 1800,
dolls, days. products June 1, Principal per bill, 2000 79 | 158000 August 19, Received in part, 400
Balance, 1600 57 October 15, Received in part, 600
Balance, 1000 57 December 11, Received in part, 400
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 588600 ,06 Ratio.
Scts. m. 365)23316,00(63,879 Ans. = 63 87 9+ The following Rule for computing interest on any note, or ubligation, 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 payan,
ment; if that be one year or more from the time the in terest 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 tinie 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,
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 weriod.”
Kirby's Reports, page 49. A bond, or note, dated January 4th, 1797, was given Tor 1000 dollars, interest at 6 per cent. and there were payments endorsed upon it as follows, viz.
$ 1st payment February 19, 1798.
200 2d payment June 29, 1799.
500 3d 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=135 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 final settlement, and deduct this amount froma the amount of the principal. But if 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 scttlement,
deduct their amount from the amount of the principal
867,50 balance due, Feb. 19, 1798
70,845 interest to June 29, 1799-16) month.
26,30 Interest for one year.
194,895 balance due June 29, 1800.
- mo. da. 5,687 Interest to December 24, 1800. ' 5 25
200,579 balance due on the Note, Dec. 24, 1800.
RULE II. Established by the Courts of Law in Massachusetts computing interest on notes, &c. on which partial pay ments 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 in. terest at that time due: add that interest to the princi. pal, 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 settle
$ cts. *260,00 third payment with its interest from the time 9,75 was paid, up to the end of the year, orefror
Nov. 14, 1799 to June 29, 1800, which is 360,75 amount.