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10 days=1)5,4 Interest for one month.
37,8 ditto for 7 months.
1,8 ditto for 10 days. :
2. What is the interest of 421. 10s. for 11 months, at 6
per cent. P
f. S. fo
3. Required the interest of 941. 78. 6d. for one year, five months and a half, at 6 per cent. per annum.
Ans. £8 5s. Id. 3,5grs.. 4. What is the interest of 121. 18s. for one third of a month, at 6 per cent.fr
II. FOR FEDERAL MONEY.
1. Divide the principal by 2, placing the separatrix as usual, and the quotient will be the interest for one month in cents, and decimals of a cent; that is, the figures at the left of the separatrix will be cents, and those on the right, decimals of a cent.
2. Multiply the interest of one month by the given number of months, or months, and decimal parts thereof, or for the days take the even parts of a month, &e.
EXAMPLES. 1. What is the interest of 341 dols. 52 cto.for 7 months ? 2)341,52
Or thus, 170,76 Int. for 1 monthi - 170,76 Int. for 1 month. X7,5 months.
214,02 ditto for 41 months. ;
1,74 ditto for 10 days.
215,76cts. Ans.=82, 15cts. 714. to 8. What is the interest of 342 dollars for 11 months ?
The } is 171 Interest for one month.
Ans. 1881cts.=$18; 81cts, Note. To find the interest of any sum for 2 months, at 6 per cent. you need only call the dollars se many cents, and the inferior denominations decimals of a cent, and it is done : Thus, the interest of 100 dollars for two monthsy is 100 cents, or 1 dollar; and $25, 40 cts. is 25 cts. 4 m. &c. which gives the following
RULE 11. Multiply the principal by half the number of months, and the product will shew the interest for the given time; in oents and decimals of a cent, as above.
EXAMPLES. 1. Required the interest of 316 dollars for 1 year and 10 months.
11zhalf the number of mą.
728, 50cts. Ans.=87, 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 ,08 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 ?
.9,75 shil. int. for 1 month. iiix11 months.
Ans. 107,25s.=£5 7s. Bd. 2. What is the interest in New-England currency, af 31 dols. 68 cts. for 5 months ? !
Principal 31,68 dols.
IV. When the principal is given in pounds, shillings, &c. New-England currency, at 6 per cent. to find how zauch 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 munthy in cents, and decimals of a cent, &c.
EXAMPLES. 1. A note for 4,411 New England currency has been on interest one nionth; how much is the interest thereof in federal money
Ans. 635cts.=80, 83cts. 8. Required the interest of 391. 185. N. E. currency; for 7 months ?
39,9 decimal value.
3)199,5 Interest for 1 mo. 66,5 cents. The
Ditto for 7 months, 465,5cts.=S4, 65ets. 51. 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 % when they exceed 9, will be the mills, very nearly:
42 58.=458. Interest 45ets. the Answer.
£100=2000s. Interest 2000cts.=820 Ans.
Ans. 27 s. is 27cts, and 6d. is 5 mills.
£5 10s.=110s. Interest 110cts.=$1,, 10cts. Om.
Ans. $1, 10 9 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.
First payment, 148 dollars, May 7, 1794.
Third payment, 99 dols. Jan. 2, 1798. I demand hov much remains due on said note, the 17th of June, 1798 ?
$6, 50 interest up to June 17, 1798.34 13
378, 51 amount.