Page images
PDF
EPUB
[merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors]

e

S

When the rate is any other than 6 PERCENT, first find the interest at 6 per cent, then divide the interest so found by such parts as the interest at the rate required, exceeds or falls short of the interest at 6 per cent, and the quotient added to or subtracted from the interest at 6 per cent, as the case may be, will give the interest at the rate required.

6. What is the interest of Dolls. 7. What is the interest of Dolls. 137,84 for 2 years and 6 months at 5 79,07 for 10 months at 8 per cert ? per cent ? Àns. Dolls. 17,23

Ans. Dolls, 5,271.

[ocr errors]

color

8. What is the interest of Dolls.

9. WHAT is the interest of Dolls, 2,29 for 1 month, 19 days at 3 per 18 for 3 years, 14 days at 7 per cent? cent? Ans. 9 mills.

Ans. 2 dolls. 56 cts. 9 m. 10. What is the interest of Dolls. 11. What is the interest of Dolls, 1600 for one year, and 3 months ? 5,811 for one year and 11 months ? Ans. 120 dolls.

Ans. 66 cents 8 m. 12. What is the interest of Dolls. 13. WHAT is the interest of Dolls: 17,68 for 11 months, and 28 days? 861,12 for 9 months, 25 days at 7 Ana. Dolls. 1,054

per cent ?

Ans. 49,394 14. What is the interest of 105,61 15. What is the interest of Dollsi 1 year, 7 months, and 6-day's ?

86 for 9 months ?

Ans. dolls. 3,87 Ans. 10 dolls. 13 cts. 8m. 16. WHAT is the interest of 78 dolls. 17. What is the interest of 81% 36cts. for 5 years 10 months, and 3 dolls, 30cts. for 2 years, 8 months, days? Ans. 27 dolls. 46 cts. 5m. and 4 days?

Ans. 130 dolls, 50cts. 9m,

[ocr errors][merged small]

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 pay. ment, and so on, until the payments exceed the interest, then deduct the exCoss from the principal, and proceed as before.,

EXAMPLES. SuPPOSE A slould have a bond against B for 1166 dollars, 66 cents, and 6 mills, dated May 1, 1796, upon which the following payments should be Inade, viz.

Dollars, Mills, Months, Days, 1. December 25, 1796

166, 666

ng
2. July 10, 1797,
3. September 1, 1798,

50, 000

13

21 4. June 14, 1799,

333, 333

13 5. April 15, 1800,

620, 000

10 What will be due upon it August 3, 1801 ?

15 18

Ans. Dolls. 237 96 Cents. To facilitate the operation, let the space of time from the date of the Bond to the day of thie 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 computer and set down against thic day of payment as atove. Then set down

24

6

15

16, 666

9

1

the sum on which the interest is to be cast, with the interest and payments in columns tlius, Principal. 1 Time. 1 Interest. Payments. Excess.

1 Dolls. Mills. Mo. Da. Dolls, M. Dolls. M. Dolls, M. 1166,666 7 24

166,666 121,167 121,167

45,499

[blocks in formation]

15 18 17,203 The last remainder

220,559 Interest from the last payment 173203

Sum due Aug. Ist. 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.

Dolls, cts. 1. April 16, 1797,

136,44 2. April 16, 1799,

319, 3. Jan. 1, 1800.

518,68 What would be due July 11, 1801 ?

Ane. Dolls, 215,103

،،

[ocr errors][ocr errors][graphic]

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.

3 years

8 years

-10 years -11 years

A concise and easy Method of casting Compound Interest, at 6 per Cent. on any sum in Federal Money.

wa RULE.

HE. Multiply the given sum, if

h For 2 years, by 112,36

Fer 7 years, by 150,3630
119,1016

159,3848
4 years
126,2476

9 years
168,9478

081 5 years 133,8225

179,0847

Hui 6 years 141,8519

189,8298 NOTE. 1. THREE of the first or highest decimals, in the above numbers,

will be sufficiently accurate for most operations; the product, remember ing 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 Ho compound interest for the years, agreeably to the foregoing method, ther, 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. 1. What is the compound in- 2. What is the amount of $236 at terest of $ 56 75 for 11 years ? compound interest, for 4 years, 7

months and 6 days ? OPERATION

OPERATION. 5 6, 7 5

1 2 6,2 4 7 6 I 8 9,8 2 9

2,36

[merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small]
[merged small][ocr errors][ocr errors][merged small]
[ocr errors][merged small]

7. What is interest ?
2. What ie understood by 6 PER CENT? 3 PER CENT? 8 per cent ? &c.
3. WHAT per cent, per annum is allowed by Law to the Lender for the use of

his Money?
4. Whaq' is understood by the PRINCIPAL? the RATE ? the AMOUNT ?
5. Of how many kinds is interest ? in what does the difference consist?
6. How is simple interest calculated for one year, in Federal Money ?
7. For more years than one, how is the interest found ?
8. When there are months and days what is the method of procedure?
9, WeAT other method is there of casting interest on sums in Federal Money?
10. When the days are a less number than 6, 80 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.

culated ?

EXERCISES. 1. What is the interest of 916 Dolls. 2. What is the interest of 93 dolls. 12 cts. for 1 year and 4 months ? 17 cts. 11 days ? Ans. 17 cts.

Ans. Dolls. 73,337.

[ocr errors][merged small][merged small][ocr errors]
« PreviousContinue »