8. WHATis the interest of Dolls. 2,29 for 1 month, 19 days at 3 per cent? Ans. 9 mills. 10. WHAT is the interest of Dolls. 1600 for one year, and 3 months? Ans. 120 dolls. 12. WHAT is the interest of Dolls. 17,68 for 11 months, and 28 days? Ans. Dolls. 1,054 14. WHAT is the interest of 105,61 1 year, 7 months, and 6 day's ? Ans. 10 dolls. 13 cts. 8m. 16. WHAT is the interest of 78 dolls. 36cts. for 5 years 10 months, and 3 days? Ans. 27 dolls. 46 cts. 5m. 9. WHAT is the interest of Dolls, 18 for 2 years, 14 days at 7 per cent? Ans. 2 dolls. 56 cts. 9 m. 11. WHAT is the interest of Dolls, 5,811 for one year and 11 months? Ans. 66 cents 8 m. 13. WHAT is the interest of Dolls; 861,12 for 9 months, 25 days at 7 Ans. 49,394 per cent ? 15. WHAT is the interest of Dolls. 86 for 9 months? Ans. dolls. 3,87 17. WHAT is the interest of 812 dolls. 30cts. for 2 years, 8 months, and 4 days? Ans. 130 dolls. 50cts. 9m. To this mode of computing interest, I would add from the " Massachusetts Justice," a METHOD Of computing the interest due on bonds. notes, &c. when partial pay. ments may at different times be made, as established by the Courts of Law in Massachusetts. RULE. CAST the interest up to the first payment, and if the payment exceed the interest, deduct the excess from the principal, and cast the interest upon the re mainder to the time of the second payment. If the payment be less than the interest, place it by itself, and cast on the interest to the time of the next payment, and so on, until the payments exceed the interest, then deduct the excess from the principal, and proceed as before. EXAMPLES. SUPPOSE A should have a bond against B for 1166 dollars, 66 cents, and 6 mills, dated May 1, 1796, upon which the following payments should be made, viz. 1. December 25, 1796 2. July 10, 1797, 3. September 1, 1798, 4. June 14, 1799, 5. April 15, 1800, Dollars, Mills, Months, Days, 166, 666 16, 666 21 13 620, 000.10 1 15 18 What will be due upon it August 3, 1801? Ans. Dolls. 237 96 Cents. To facilitate the operation, let the space of time from the date of the Bond to the day of the first payment, and from the time of one payment to that of another, and from that of the last payment to the time of settlement, be first Then set down computed and set down against the day of payment as above. the sum on which the interest is to be cast, with the interest and payments in Sum due Aug. 1st. 1801 237,762 2. SUPPOSING a note of 867 dollars, 33 cents dated Jan. 6, 1794, upon which the following payments should be made, viz. 1. April 16, 1797, 2. April 16, 1799, What would be due July 11, 1801? Dolls. cts. COMPOUND INTEREST, Is calculated by adding the interest to the principal at the end of each year and making the amount the principal for the succeeding year; then the given principal subtracted from the last amount the remainder will be the compound interest. A concise and easy Method of casting Compound Interest, at 6 per Cent. on any sum in Federal Money. MULTIPLY the given sum, if For 2 years, by 112,36 RULE. 3 years 119,1016 126,2476 6 years 133,8225 -11 years 189,8298 NOTE. 1. THREE of the first or highest decimals, in the above numbers, will be sufficiently accurate for most operations; the product, remembering to move the separatrix two figures from its natural place towards the left hand, will then shew the amount of principal and compound interest for the given number of years. Subtract the principal from the amount and it will shew the compound interest. 2. WHEN there are months and days; first, find the amount of principal and compound interest for the years, agreeably to the foregoing method, then, for the months and days, cast the simple interest on the amount thus found; this added to the amount will give the answer. 3. Any sum of money at Compound Interest, will double itself in 11 years, 10 months, and 22 days. EXAMPLES. SUPPLEMENT TO 3. Interest. 1. WHAT is interest ? QUESTIONS. 2. WHAT is understood by 6 PER CENT? 3 PER CENT? 8 PER CENT? &C. 4. WHAT is understood by the PRINCIPAL ? the RATE? the AMOUNT? 8. When there are months and days what is the method of procedure? 9. WHAT other METHOD is there of casting interest on sums in Federal Money? 10. WHEN the days are a less number than 6, so that 6 cannot be contained in them, what is to be done? 11. How is simple interest cast in pounds, shillings, pence, and farthings? 12. When partial payments are made, at different times, how is the interest cal COMPOUND INTEREST, Is calculated by adding the interest to the principal at the end of each year and making the amount the principal for the succeeding year; then the given principal subtracted from the last amount the remainder will be the compound interest. A concise and easy Method of casting Compound Interest, at 6 per Cent. on any sum in Federal Money. RULE. 6 years ∙11 years 189,8298 NOTE. 1. THREE of the first or highest decimals, in the above numbers, will be sufficiently accurate for most operations; the product, remembering to move the separatrix two figures from its natural place towards the left hand, will then shew the amount of principal and compound interest for the given number of years. Subtract the principal from the amount and it will shew the compound interest. 2. WHEN there are months and days; first, find the amount of principal and compound interest for the years, agreeably to the foregoing method, then, for the months and days, cast the simple interest on the amount thus found; this added to the amount will give the answer. 3. Any sum of money at Compound Interest, will double itself in 11 years, 10 months, and 22 days. |