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EXAMPLES.

1. What is the interest of idols. 52 cts. for 7 months 2)341,52

Or thus, 170,76 Int. for 1 month. 170,76 Im for 1 month.

X7,5 months.

85380 1195,32 do. for mo. 119532 85,58 do. for ļ mo.

Sicts. 11.

1280,700cts. ==12,80 7 1280,70 Ans. 123,7cis.=$12, 80cts. 7m.

2. Required the interest of 10 dols. 44 cts. for 5 years 5 months and 10 day.

2) 0,44

10 days=}) 429 Interest for 1 month.

11 months.

5,2% 208,8

214,02 otto for 41 months.

1,74 dito for 10 days.

215,76cts. Ans.-82, 15cts. 7m. + 3. What is the interest of 342-tollars for 11 months ?

The fis 171 Iverest for one month.

11

Ans. 1881cts. =18, 81cts. Note.-To find the interest of any sly for 2 months, at 6 per cent. you need only call the dollarso many cents, and the inferior denominations decimals of cent, and it is done : Thus, the interest of 100 dollars fo4wo months, is 100 cents, or 1 dollar; and $25, 40 cts. i8 5 cts. 4 m. &c. which gives the following

RULE II. Multiply the principal by half the number of months, and the product will shew the interest for the give 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=half the number of mo.

Ans. 3476cts.=834, 76cts. 2. What is the interest of 364 dols. 25cts. for 4 months ?

$ cts, 364, 25

2 half the months.

728, 50cts. Ans.=87, 28cts, 5m.

III. When the principal is given in federal inoney, 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. fur 1 month. X11 months.

Ans. 107,258.=£5 78. 3d. 2. What is the interest in New-England currency, of $1 dols. 68 cts. for 5 months ?

Principal 31,68 dols.

,03

,9504 Interest for one month.

5

Ans. 4,7520s.=4s. 9d.

12

IV. When the principal is given in pomads, stillings, &c. New-England currency, at 6 per cent to finil 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 deciinals of a cent, &c.

EXAMPLES.

1. A note for £411 New-England currency lias been on interest one month; how much is the interest thereof in federal money ?

£ 411

5

3)2055

. Ans. 685cts.=$0, 85cts.
2. Required the interest of 391. 185. N. E. €!!ITE!
for 7 inonths ?

fi.
39,9 decimal value.

5

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Ditto for 7 months, 465,5cis.=84, 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 boy 1. if they exceed 3, or by 2 when they exceed 9, will be the mills, very nearls.

EXAMPLES.

1. What is the interest of 21. 55. for a year at 6 per ct.?

£2 58.=45s. Interest 45cts. the Answer. 2. Required the interest of 1001. sor a year at 6 per ct.?

£100=2000s. Interest 2000cts.=820 Ans. 3. Of 275. 6d. for a year?

Ans. 27 s. is 27 cts. and 6d. is 5 mills. 4. Required the interest of 5l. 10s. 11d. for a year :

£,; 10s.=110s. Interest 110cts.=81, 10cts. Omg 11 pencem2 per rule leaves 9=

9

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EXAMPLES.

VI. To compute the interest on any note or obligation, when there are payments in part, or indorsements.

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.

Suppose a bond or note dated April 17, 1793, was given for 675 dollars, interest at 6 per cent. and there were payments indorsed upon it as follows, viz.

First payment, 148 dollars, May 7, 1794.
Second payment, 341 dols. August 17, 1796.

Third payment, 99 dels. 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, 1798.34 13

Yr.

mo.

184, 50 amount.

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341, 00 second payment, Aug. 17, 1796. Ir. mo. 57, 51 Interest too-June 17, 1798. - 10

578, 51 anigunt,

[Carried over

S cts.
99, 00 third payment, January 2, 1798.
2, 72 Interest to June 17, 1798.=)).

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April

1. ino.

2 209, 25 Interest to-June 17, 1798. si

884, 25 amount of the note..
664, 73 almount of payments.

S 50

$219, 52 remains due on the note, June 17, 1793. 2. On the 16th of January, 1795, I lcnt James Paywell 500 dollars, on interest at 6 per cent, which I received back in the following partial payments, as under, viz..

1st of April, 1796
16th of July, 1797

400 1st of Sept. 1798

60 How stands the balance between us, on the 16th November, 1800 ?

Ans. due to 21!2 S63, i Sots. 3. A PROMISSORY NOTE, viz. £62 10s.

New-Loriuil, dpril 4, 1797. On demand I promise to pay Timothy Careful, sixtytwo pounds, ten shillings, and interest al 6 per cent. per annum, till paid; value received. JOHN STANBY,

PETER PAYWELL, RICILAND TESTIS. Indorsements:

£ s. 1st. Received in part of the above note, Sepstember 4, 1799.

50 0 And payment Jánc 4, 1800,

12 10 How mich remains due on sale note, thic gvurth day of December, 18001

6. S. d. Ans. 12 6

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