7. What is the bank interest on $75.10 for 93 days, at 7 per cent.?

8. What is the decimal interest on $4000, from June 1st, 1841, to May 13th, 1844, at 6 per cent.?

9. What is the decimal interest on $181.25, for 2y. 4mos. 19d., at 5 per cent.?

10. What is the decimal interest on $95. for 7y. 3mos. at 6 per cent.?

11. What is the amount of $5431, for 33 days, at 6 per cent., bank interest?

12. What is the bank interest of $47965, for 34 days, at 5 per cent.?

13. What is the exact amount of $10000, for 64 days, at 7 per cent. ?

14. What is the decimal interest of $5387.75, from 10th mo. 3d, 1842, to 9th mo. 1st, 1844, at 4 per cent.?

15. What is the amount of $99.50, from July 4th, 1839, to June 27th, 1843, at 6 per cent.?

16. What is the bank interest of $500.00, for 123 days, at 5 per cent.?

17. What is the bank interest of $2500, for 94 days, at 4 per cent.? What is the amount?

18. What is the amount of $730.00, from Dec. 1st, 1829, to Jan. 31st, 1835, at 7 per cent.?

19. What is the amount of $629.50, from 8th mo. 3d, 1840, to 7th mo. 2d, 1842?

20. Bought 75 pounds of tea, at 62 cents per pound, for which I gave my note payable in 6 months, dated 6th ino. 5th, 1843. What was the amount of the note 3d mo. 27th, 1844? [Interest does not commence until the note

becomes due.]

21. John Smith gave a note for $2000 to the Bank of North America, payable in 60 days. How much money did he receive, after deducting 63 days' interest?

22. How much can I receive on a note at 90 days, for $639.50, after deducting 93 days' interest?

23. What is the present worth of a 30 days' note for $1870, after deducting 33 days' interest?

24. What is the amount of a note for $2131.00, for 183 days, at 6 per cent., bank interest?

PRACTICE RULE.

Multiply 1 per cent. of the principal by the even number of months, and if there is an odd month, add 30 to the number of days. Divide the days by 6, and multiply of 1 per cent. by the quotient. If there are any remaining days,* take as many 60ths of 1 per cent. Add the numbers so obtained, and their sum will be the interest at 6 per cent. For any other rate, increase or diminish the result, as in the Bank Rule.

EXAMPLE FOR THE BOARD.

What is the interest of $9763.25 for 2y. 9mo. 8d. ?

1

per cent. is of 2y. 8mo. is

36d. is .6 of 2mo.

16

585.7950
976.325

1 per cent., or the interest 97.6325 for 2 months, is $97.6325. Multiplying by 16, we obtain the interest for 2y. 8mo. The 1mo. remaining, added to the 8 days, gives 38 days, in which 6 is contained 6 times, with 2 remainder. As $1623.9539 the interest for 6 days is .1 of 1 per cent., or $9.763+, the interest for 36 days is 6 times as much. The 2 remaining days are of 60 days, we therefore add of $9.763+.

30

2d. is of 2mo.

58.5795
3.2544

30

25. What is the interest of $281.50 for 3y. 7mo. 16d.? What is the amount?

26. What is the interest of $1175 for ly. 11mo. 29d.? What is the amount?

5

27. What is the interest of $28.75 for 2y. 3mo. 4d., at per cent.? What is the amount?

28. What is the interest of $3360 for 3y. 3mo. 3d., at 7 per cent? What is the amount?

29. What is the amount of $20000, from Sept. 30th, 1839, to March 27th, 1844, at 5 per cent.?

10

*When the remainder is 4, it is more convenient to diminish the quotient by 1, and call the remainder 10, taking or of 1 per cent. for the interest.

30. What is the amount of $531.50, from Nov. 3d, 1840, to Feb. 25th, 1842, at 7 per cent.?

31. What is the amount of $74.23, from June 29th, 1842, to Sept. 13th, 1844, at 4 per cent.?

32. Sold Oct. 11th, 1830, 162bu. 3pk. of oats, at 371⁄2 cents a bushel, and received in payment a note payable in 3 months. What was the amount of the note, May

5th, 1840 ?

PARTIAL PAYMENTS.

When partial payments have been made upon notes that are settled within a year from their date, it is customary to compute interest upon the whole note, and also on each payment, until the time of settlement, and deduct the amount of the payments from the amount of the principal. This is the equitable rule for all periods of time, but the following is the

LEGAL RULE.*

If any payment exceeds the interest due, deduct it from the amount, and compute interest on the balance. If the payment is less than the interest, add the excess to the succeeding interest, and continue the interest on the former principal.

EXAMPLE FOR THE BOARD.

$1000.00

Philadelphia, March 4th, 1841. For value received, I promise to pay John Smith, or order, one thousand dollars on demand, without defalcation.

WILLIAM BROWN.

December 1st, 1841, received $75.00. July 17th, 1842, received $15.50. August 18th, 1843, received $30.50. December 11th, 1843, received $500.00. January 3d, 1844, received $150.00. What was due on the note, Aug. 18, 1844?

First principal, on interest from March 4, 1841. $1000.00 Interest to Dec. 1, 1841, (8mo. 27d.)..

44.50

* See Johnson's Chancery Reports, Vol. I., p. 17.

New Principal.

969.50

Interest from Dec. 1, 1841, to July 17, 1842,

(7mo. 16d.)..

36.52

Second payment, less than interest due

15.50

Excess of interest..

21.02

Interest from July 17, 1842, to Aug. 18, 1483,

(13mo. 1d.)

63.18

Interest from Aug. 18, 1843, to Dec. 11, 1843, (3mo. 23d.)...

Amount due Dec. 11, 1843.

1041.46

Fourth payment, exceeding the interest due.

500.00

Balance for a new principal....

541.46

Interest from Dec. 11, 1843, to Jan. 3, 1844, (23d.).. ›

Interest from Jan. 3, 1844, to Aug. 18, 1844 (7mo. 15d.)

14.76

Amount due Aug. 18, 1844....

$408.29

1.

Worcester, July 4th, 1840. For value received, I promise to pay Andrew Jackson, or order, six hundred and thirty-nine dollars, on demand. JOHN WINTER. $639.00

Endorsements. Sept. 5, 1840, received $13.25. Jan. 1, 1841, received $1.50. March 17, 1841, received $72.00. Oct. 3, 1841, received $29.50. July 3, 1842, received $9.00. What was due Jan. 1, 1843?

2.

Portland, May 13th, 1841. For value received, I promise to pay George Appleton, or order, nine hundred dollars, on demand.

$900.00

WILLIAM MASON.

Endorsements. Aug. 28, 1843, received $175.00. Dec. 13, 1843, received $10.00. April 13, 1844, received $10.00. May 1, 1844, received $500.00. What was due Sept. 13, 1844 ?

3. New Orleans, April 3d, 1839. For value received, I promise to pay Earle & Chase, or order, five hundred and twenty-five dollars and fifty cents, on demand.

$525.50

CHARLES CHAMPION.

Endorsements. April 13, 1840, received $29.75. Feb. 4, 1841, received 15.00. March 30, 1841, received $250.00. Jan. 1, 1842, received $175.75. What was due on the settlement of the note, April 3, 1844 ?

4.

New York, Oct. 5th, 1823. For value received, I promise to pay Brown & Oliver, or order, one thousand dollars on demand.

$1000.00

JAMES THOMAS.

Endorsements. March 4, 1824, received $100.00. July 27, 1825, received $50.00. Oct. 25, 1825, received $100.00. April 13, 1826, received $15.00. Nov. 13, 1826, received $10.00. Dec. 1, 1826, received $500.00. What was due on the note, May 16, 1830?

5.

Charleston, Aug. 18th, 1840. For value received, I promise to pay Nathan J. Wilson, or order, four hundred and thirty-one dollars in six months,” with interest afterward.

$431.00

Endorsements. Feb. 18, 1841, received $10.00. Nov. 29, 1842, received $100.00. Dec. 31, 1843, received $2.50. 6.

EDWARD ELLIS.

1841, received $31.00. Sept. 15, 11, 1841, received $5.00. March May 13, 1843, received $200.00. What was due June 16, 1844? Cincinnati, Nov. 1st, 1841..

For value received, we promise to pay Samuel Jones, or order, seven hundred and seventy-five dollars and fifty cents, in two months from date.

$775.50

HENRY THOMPSON & Co.

Endorsements. Feb. 27, 1842, received $15.00. Aug. 20, 1842, received $15.00. Dec. 18, 1842, received $15.00. Jan. 1, 1843, received $15.00. April 1, 1843, received $200.00. Feb. 19, 1844, received $21.00. What was the balance due Oct. 1, 1844 ?