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10,5725 Interest for one year.
5 Multiply by the time.
52,8625 Ans. **852, 86cts. 21m. 2. What is the interest of 6451. 10s. for 3 years, at 6. per cent. per annum ?.. ,645,5 x06x3=116,190=4116 3s. 9d. 2,4grs. Ans.
3. What is the interest of 121l. 8s. 6d. for 41 years, at 6 per cent. per annum? Ans. f32 15s. 8d. 1,36grs.
4. What is the amount of 536 dollars 39 cents, for 1} years at 6 per cent. per annum? Ans. $584,6651.
5. Required the amount of 648 dots. 50 cts. for 123 yrs. at 55 per cent. per annum ? Ans. $1103, 26cts. to.
::CASE II. The amount, time and ratio given, to find the principal.
RULE. Multiply the ratio by the time, add unity to the pro. duct for a divisor, by which suin divide the amount, and the quotient will be the principal.
EXAMPLES. 1. What principal will amount to 1235,975 dollars, in 5 years, at 6 per cent. per annum ?
S S ,06 X5+1=1,50)1235,975(950,75 Ans. 2. What principal will amount to 8731. 198. in 9 years, at 6 per cent. per annum ?
Ans. £567 iOs. S. 'What principal will amount to 626 dols. 6 cts. in 1% years, at 7 per cent..? Ans. $340,25=$340, 25cts.
4. What principal will amount to 9561. 105. 4,1254. in 8 years, at 54 per cent. ?
Ans. £645 155.
RULE. Subtract the principal froin the amount, divide the remainder by the product of the time and prinapal, and the quotient will be the ratio.
.. . EXAMPLES. 1. At what rate per cent. will 950,75 dols. amount to 235, 975 dols. in 5 years!
950,75X5=4753,75)285,2250(,06=6 per cent. 285,2250 .
Ans. 2. At what rate per cent. will 5671. 10s. amount to 8731. 195. in 9 years?
Ans. 6 per cent.
RULE. Subtract the principal from the amount; divide the teinainder by the product of the ratio and principal; and the quotient will be the time. 3
From the amount $1235,975 ,
El at 6
2. In what time will 5671. 10s. amount to 8731. 19% at 6 per cent. 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 annum ? Ans. 12 years.
4. In what time will 6451. 158. amount to 9561. 10.6. 4,125d. at 5} per ct, per annum? Ans.8,75=8f years.
TO CALCULATE INTEREST FOR DAYS.
RULE. Multiply the principal by the given number of days, and that product by the ratio ; divide the last product by 365 (the number of days in a year) and it will give the interest requiredo
Ans. $10,53cts. +
f. s. d. grs.
--=8652=8 13 0 1,9 Ans. 1. What is the interest of 3601. 10s. for 146 days, at 6 2. What is the interest of 640 dols. 60'cts. for 100 days,
Ans. £4,1235541. 2s. 51d.+ 3. Required the interest of 250l. 17s. for 120 days at 4. Required the interest of 481 dollars 75 cents, for 25 ays, at 7 per cent. per annum ? Ans. $2,30cts. 9m. +
€. 360,5 X 146x,06
365 t 6 per cent. per annum ? per cent. per annum ? er cent. ?
A TABLE, showing the number of Days from any day of one month,.
to the same day of any other month.
FROM ANY DAY OP
28 365 354 304 278 243 212 181 151
365 534 504 273 242 212
273 242 214 183 153| 122 92 61 30 365 334 504)
31 365 335 534 SOS! 0751 2441 214 1834 153 1220 611.50 365
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 sum of these products by the rate on the dollar, and divide the last product by 365, and you will have the whole interest due on the account, &c.
* EXAMPLES. Lent Peter Trusty, per bill an demand, dated 1st of June, 1800, 2000 dollars, of which I received 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.. 1809,
dolls. days, products June 1, Principal per bill, 2000 | 79 | 158000 August 19, Received in part, 400
...; Palance, 1600 | 57 | 91200 October 15, Received in part,
Balance, 1000 57000 December 11, Received in part, 400 1801,!; E. Balance, 600
40800 February 17, Received in part, 200
Balance, 400 | 104 41600 June 1, Rec'd in full of principal, 400
388600 Then 388600 iz ,06 Ratio. ?
.: : : 157
ment; if that be one year or more froin the time the in terest commenced, add it to the principal, and deduct the payment from the sum total. If there be after payments inade, 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 time between one payment and another be one year or more. But if any payment be made before one year's interest hath ac. crued, 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 suin paid, and deduct that sum from the principal and interest added as above.*
66 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 sun for any period.”
. Kirby's Reports, page 49.
EXAMPIES. A bond, or note, dated January 4th, 1797, was given for 1000 dollars, interest at 6 per cent. and there were payments endorsed upon it as follows, viz.
S 1st payinent February 19, 1798.
200 · 2d payment June 29, 1799.
500 3d payment November 14, 1799
260 I demnand 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=19} months. 1067,50 amount.
.. [Carried up
*If a year does not extend beyond the time of final settlement; but if it does, then fiud the ainount 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 froni the amount of the principal. But if there be several payments made within the said time, find the amount of the several pay·ments, from the time they were paid, to the time of settlement, ind deduct their amount from the amount of the principal.