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10,5725 Interest for one year.
5 Multiply by the tiine.
52,8625 Ans.=852, 86cts. 2fm. 2. What is the interest of 645l. 10s. for 3 years, at 6 per cent. per annum ? 6645,5 x06x3=116,190=£116 3s. 9d. 2, +qrs. Ans. 1
3. What is the interest of 121l. 88. 6d. for 45 years, at 6 per cent. per annum ? Ans. £32 15s. 8d. 1,36qrs.
4. What is the amount of 536 dollars 39 cents; for 14 years at 6 per cent. per annum ? Ans. $584,6651.
5. Required the amount of 648 dols. 50 cts. for 123 yrs. at 55 per cent. per annum ? Ans. $1103, 26cts. +
EXAMPLES. 1. What principal will amount to 1235,975 dollars, in 5 years, at 6 per cent. per annum? $ $.
,06x5+1=1,30)1235,975(950,75' Ans. 2. What principal will amount to 8731. 19s. in 9 years, at 6 per cent. per annum ?
Ans. 6567 10s. 3. What principal will amount to 626 duls. 6 cts. in 18 years, at 7 per cent. . Ans. $340,25=8340, 25cts.
4. What principal will amount to 9561. 20s. 4,1250. in 87 years, at 55 per cent. ? Ans. 6645 155.
RULE. Subtract the principal from the amount, di vide the remainder by the product of the time and prin. cipal, and the quotient will be the ratio.
XAMPLES. 1. At what rate per cent. will 950,75 dols. amount tol 1235, 975 duls. in 5 years ?
From the amount = 1255,975
ins. 2. At what rate per cent. will £671. 10s. amount to 8731. 199. in 9 years ?
Ans. 6 per cent. S. At what rate per cent. will 340 Jols. 25 cts. amount to 620 dols. 6 cts. in 12 years. Ans. 7 per cent.
4. At what rate per cent. will 645l. 155. amount to 9561. 108. 4,125d. in 81 years . Ans. 54 per cent.
CASE IV. The amount, principal, and rate per cent. given, to find
RULE. Subtract the principal on the amount; divide the remainder by the product of the ratio and principa!, 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 81235,975
2. In what time will 5671. 108. amount to 8731. 138. at 6 per cent. per annum ?
Ans. 9 years. s. In what time will 340 dols. 25 cts. amount to 626 dols. 6 cents at 7 per cent, per annuin i Ans. 12 years.
4. In what time will 6451. 15s. amount to 5561. 10s. 4,1254. at 51 per ct. per annum ? Ans.8,75=8years.
TO CALCULATE INTEREST FOR DAYS.
RULE. Multiply the principal by the given number of davo and that product by the ratio; divide the last product ** $65 (the number of days in a yeai) and it will give the Internet vanuinad
EXAMPLES. 1. What is the interest of 360t. 10s. for 146 days, at 6 per cent. ? 360,5X146x,06 f. f. s. d. grs.
*8652_8 13 0 1,9 Ans. 365 2. What is the interest of 640 dols. 60 cts. for 100 days: at 6 per cent. per annum ?
Ans. $10,53cts. + 3. Required the interest of 2501. 17s. for 120 days at 5 per cent. per annum ? Ans. £4,1235=4l. 2s. 5jd.+
4. Required the interest of 481 dollars 75 cents, for 25 days, at 7 per cent. per annum ? Ans. 82, 30cts. 9m. +
89 61 30 365 334 304
28 365 334 304 273 243 212
FROM ANY DAY OF
to the same dæy of any other month.,
273 242 212 181| 151,
30 365 334 305 273 242 210
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, anıl you will have the whule interest due on the account, &c.
EXAMPLES. 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 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 i 57
Balance, 1000 | 57
Balance, 600 68
Balance, 400 | 104
388600 Then s88600 ,06 Ratio.
S cts. m. 365)23316,00(63,879 Ans. = 63 87 9+ The following Rule for computing interest on any, note, or ubligation, when there are payınents in part, or endorsements, was establisted by the Superior Court of the State of Connecticut, in 1784.
RULE. " Compute the interest to the time of the first paya,
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 alsorbed ; 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 in to be computed but only on the principal sum for any weriod."
Kirby's Reports, page 49.
EXAMPLES. 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=134 months.
*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 payments, from the time they were paid, to the time of scttlement,
deduct their amount from the amount of the principal