17. Reduce £630 6s. 44d., 18. Reduce $1680,85 to Pennsylvania currency, to Pennsylvania, &c., currency. Federal money.

19. Reduce £600 10s. 6d. 20. Reduce $2669, to sterling, to Federal money, sterling money.

the dollar being 4s. 6d.

21. What sum in Federal

22. What sum in Canada

money is equal to £126 14s. and Nova Scotia is equal to Canada and Nova Scotia $506,80.

currency, the dollar being 5s.

24. Reduce $867 to New

and

North-Carolina

23. Reduce £346 16s., N. York, &c., currency, to Fed-York eral money.

currency.

25. Reduce £125 7s. 9d., 26. Reduce$334,36,8,+to Maryland, &c., currency, to Maryland, &c., currency. Federal money.

27. Reduce £501 3s. 9d., 28. Reduce $1670,62,6, to Massachusetts currency, to Massachusetts currency. Federal money.

29. Reduce 450 pence, N. 30. Reduce 500 cents, to Jersey, &c., currency, to New-Jersey currency.

cents.

(See Table III.)
Operation.

How many cents. 450 pence.

d. 9 10 cents.

500 cts. Ans.

31. Reduce 540 pence,

N.

32. Reduce 750 cents, to

England currency, to Fede-pence, New-England curren

ral money.

cy,

INTEREST.

INTEREST is a premium paid, or an allowance made, by the borrower to the lender, for the use of a certain sum of money.

The money lent, upon which interest is to be received, is called the principal.

QUESTIONS. 1. What is Interest? 2. What do you understand by the principal ?

The premium paid for the use of the principal, is called the interest.

The sum paid on $100, or 100 cents, or £100 per annum, is called the rate per cent., or per centum. (Per centum signifies by the hundred; per annum, by the year.) The principal and interest added together, is called the

amount.

NOTE. The rate of interest established by law in the New-England States is 6 per cent. In New-York, the legal interest is 7 per cent. In England, it is 5 per cent. When the rate is not mention

ed in this Work, 6 per cent. is understood. Interest is either simple or compound.

SIMPLE INTEREST.

Simple interest is that which arises from the principal only.

$12

06

32. What is the interest of $12 for 1 year, at 6 per cent? Operation. If the interest of $1, for 1 year, be,06 cents, or 0% of a dollar, then the interest of $12 would be 12 times,06, or ,06×12=72 cents.

,06

,72 Answer.

NOTE. The rate per cent. is written as so many hundredths of a dollar Thus, 6 per cent. is written,06; 7 per cent.,,07; 5 per cent.,,05; 2 per cent.,,02. It is evident that the rate per cent. must be written so many hundredths, because, being so many cents on every 100 cents, it is so many 100ths of a dollar.

EXAMPLES.

1. What is the interest of $30 for 2 years, at 5 per

cent. ?

Operation. $30

,05

1,50

2

$3,00

If the interest of $1 for 1 year, at ,05 per cent. be $5, then the interest of $30 will be 5X30=1,50, and for 2 years $1,50×2=$3,00. Hence, to compute the interest for 1 or more years, we have the following

RULE.

Multiply the principal by the rate, expressed as the decimal of a dollar, and the product will be

QUESTIONS. 3. What do you understand by the rate per cent? 4. What does per cent. signify? What, per annum? 5. What is the amount? 6. What is the legal rate of interest in New-England? 7. What in New-York? 8. What is simple interest? 9. Rule to obtain the interest for one year? 10. Why is the rate per cent. written so many hundredths of a dollar?

the interest for 1 year. When the time is more than 1 year, multiply the interest for 1 year by the number of years.

cent. ?

2. What is the interest of $45 for 1 year, at 6 per Answer, $2,70. 3. What is the interest of $22,25 for 1 year, at 5 per cent.?

NOTE. The decimals below mills are not regarded in the answer in this, or the following questions.For pointing the product, see Multiplication of Decimals.

4. What is the interest of $62,75 for 2 years, at 3 per cent. ?

Answer, $3,765. 5. What is the interest of 535,42, for 4 years, at 2 per cent.? Answer, $42,833. 6. What is the interest of $115,67,5 for 1 year, at 71 per cent.? at 63 per cent.? at 82? at 93? at 123 per cent.? 7. What is the interest of $450,50 for 3 years, at 6 per cent.? Answer, $81,09.

In the preceding examples, the interest has been computed for 1 or more years; but it is often necessary to calculate the interest for months and days. Now, as the interest on $1, at ,06 per cent. for 1 year, or 12 months, is 6 cents, it is evident, that it amounts to half a cent a month, or 12 half cents a year on a dollar. If, therefore, we multiply any number of dollars by half the number of months, we shall have the interest for 1 year in cents. Again as I month is 30 days, and the interest for 1 month iscent, or 5 mills, for 1 day it would be of a mill. If, therefore, we multiply by of the days, we have the interest in mills; or, we may reduce the days to the fraction of a month, and multiply by half the fraction. 8. What is the interest of $40 for 1 year, 6 months, and 5 days?

For Operation, see next page. QUESTIONS. 11. What is the rule for pointing the product?

Operation.

}=} & 1)$40

,09

360

20

131

If the interest of $1 for 12 mo. be,06 cents, the interest for 6 mo. will be ,03 cents, and for 5 days, of a mill; therefore, the interest of $1 for 12 months, 6 months and 5 days, will be ,06+,03+8=,09%; the same as one half the months, and one sixth of the days. Hence RULE.

$3,934, Ans. the When there are months and days in the given time—Multiply by half the number of months in the whole time, and one sixth of the days. If there be an odd month, call it 30 days to which add the odd days, if any; and dividing them by 6, write the quotient in the place of mills, in the multiplier.

NOTE. If the interest is required for a number of years, multiply the interest for 1 year by the number of years, and compute the interest for the months and days as above directed.

EXAMPLES.

9. What is the interest of $275, for 2 years, 5 months, 6 days?

$40,15.

10. What is the interest of $749,605 for 3 years, 7 months, 15 days?

43. What is the interest of $342 for 1 month, 15 days? Operation.

2)342
,007

2,394

171

$2,565 Ans.

NOTE. As there is no even number of months, we supply the two first decimal places with ciphers, as a guide in pointing the product.

11. What is the interest of $678,59, for 1 year, 3 months, 11 days?

12. What is the amount of $678,59, on interest for 1 year, 3 months and 11 days? $730,628.

NOTE. The amount, is the principal and interest added together. 13. What is the interest of $600 for 27 days?

14. What is the amount of $750,60, on interest for 18 months and 18 days?

QUESTIONS. 12. What is the rule for computing interest for months and days? 13. Why do we multiply by one half the months, and one sixth of the days?

15. What is the amount of $1000, on interest for 4 years and 6 months? Ans., $1270. 16. A note for $450 on interest, was dated January 1st, What was due, principal and interest, March 16th, Answer, $509,625.

1835. 1837?

yr. mo. d. 1837-3-16

1835-1-1

2-2-15 time.

17. A note for $60,50 on interest, was dated Dec. 20, 1834; what was there due, principal and interest, Jan. 28, 1837 ? Ans., $68,143. 18. What is the amount of $879,39 on interest 2 years,

5 months and 19 days?

Ans., $1009,582. 19. What is the interest of $375 for 7 days?

Ans., $,437. 20. What is the interest of $89,285 for 1 year, 7 months and 29 days? Ans., $8,913. 21. What is the interest of $336 for 5 months and 16

days?

Answer, $9,296.

22. What is the amount of $1844,48 on interest 2 months and 21 days?

23. What is the amount of years, 9 months and 26 days?

Answer, $1869,38. $2731,50 on interest 3 Answer, $3357,913. on interest from June Ans., $2619,54.

24. What is the amount of $1764, 14, 1829, to July 14, 1837?

25. What is the interest of £240 8s. 63d., for 1 year?

Operation.
£240,428

,06

Reduce the shillings, pence and farthings to the decimal of a pound, by Inspection; (see p.115) then proceed as in Federal Money. The interest will be in =£14 8s. 6d. Ans.] pounds and decimal parts, which must be reduced to shillings; (see p. 115.)

14,42568

26. What is the interest of £379 15s., for 1 year and 6 months? Ans., £34 3s. 6d. 27. What is the interest of £416 12s. 6d., for 10 months? Ans., £20 16s. 74d. 28. What is the interest of £427 13s. 9d. 2qrs., for 1 year and 8 months? Ans., £42 15s. 4 d.

QUESTIONS. 14. What is the rule for computing interest on pounds, shillings pence &c.?

N