22. What is the interest of 910 dols. 50 cts. for 3 years 9 mo. and 26 days, at 7 per cent. per annum ? 23. How much will 185 dols. 26 cts. amount to, in 2 years 3 months and 11 days, at 7 per cent. per annum ? Anf. 216 dols. 94 cts. 4 mills. 24. What is the interest of 57 dols. 78 cts. for 1 year 4 months and 17 days, at 4 per cent. per annum ? Anf. 3 dols. 19 cts. 25. How much is the amount of 298 dols. 59 cts. from 19th May, 1797, to the 11th of Auguft, 1798, at 8 per cent. per anAnf. 327 dols. 98 cts. 4 mills. num. 26. How much is the amount of 296 dollars, from June 14, 1798, to April 29, 1799, at 54 per cent. per annum ? Anf. 205 dols. 86 cts. 27. What is the intereft of 658 dols. from January 9 to Octe ber 9 following, at per cent. per month? Anf. 29 dols. 61 cts. In the calculation of interest in federal money, thus far, the year is fupposed to be 12 months of 30 days each, making it only 360 days. Moft perfons use this method of computing the time, but as it is 5 days less in a year than the true number, fome merchants calculate by days without any regard to months, as being more accurate. EXAMPLES. 28. What is the interest of 7086 dollars for 39 days, at 6 per cent, per annum ? By compound proportion. 29. What is the intereft of 87 dols. 56 cts. for 72 days, at 6 per The following method of calculating the intereft upon accounts, when there are partial payments, is fometimes used. 2 d. cts. 7 42 9608 Then 6083)9608( 1,57 interest at 6 per cent. 35250 7.57 the amount due March 20th. 48350 5769 By this method intereft may be calculated on accounts, multiplying each fum by the days it is at intereft, and taking the quotient of 36500, divided by the rate per cent. as a fixed divifor to the fum of the products, Thus, the rate in the last example being 6 per cent, the divifor is 6083; for 5 per cent. it would be 7300; for 7 per cent, 5214, &c. If the time is months, multiply each fum by the months it is at interest, and take the quotient of 1200, divided by the rate as a divisor. Thus, for 6 per cent, the divifor is 200; for 5 per cent, 240; for 8 per cent, 150, &c.-See Compound Proportion. IN COMPUTING INTEREST ON NOTES, &C. It has generally been the custom to find the amount of the principal from the time the intereft commenced to the time of fettlement, and likewise the amount of each payment, and then deduct the amount of the feveral payments from the amount of the principal. EXAMPLE. A, by his note dated April 25th, 1798, promises to pay to B 774 dols. 76 cts. on demand, with intereft to commence 4 months after the date. On this note are the following endorsements: Received Oct. 12th, 1798, 260 dols. 19 cts.-O. 13th, 1798, 60 dols.-Nov. 2, 1798, 200 dols. And the fettlement is made December 15th, 1798. The Rule eftablished by the Courts of Law in Massachusetts 4. for making up judgments on SECURITIES for MONEY, which are upon intereft, and on which partial payments have been endorsed. Compute the intereft on the principal fum, from the time when the intereft commenced to the first time when a payment was made, which exceeds either alone or in conjunction with the preceding payments (if any) the interest at that time due: add that interest to the principal, and from the fum fubtract the payment made at that time, together with the preceding payments (if any) and the remainder forms a new principal; on which compute and fubtract the interest, as upon the first principal: and proceed in this manner to the time of the judgment. By thisRule,the payments are firft applied to keep down the intereft: and no part of the intereft ever forms a part of a principal carrying intereft. The following example will illuffrate the rule, in which the intereft is computed at the rate of fix per cent. by the year, that being the legal rate of intereft in Maffachusetts. A, by his note dated January 1, 1780, promifes to pay B 1000 dols. in fix months from the date with intereft from the date. On this note are the following endorsements: Received April 1, 1780, 24 dols. Aug. 1, 1780, 4 dols. Dec. 1, 1780, 6 dols. Feb. 1, 1781, 60 dols. July 1, 1781, 40 dols. June I, 1784, 300 dls. Sept. 1, 1784, 12 dls. Jan. 1, 1785, 15 dls. and Oct. 1, 1795, 50 dols. And the judgment is to be entered Dec. 1, 1790. CALCULATION. The principal fum carrying intereft from January 1, 1780, dols. cts. 1000 00 Intereft to April 1, 1780, 3 months Paid Apr. 1, 1780, a fum exceeding the intereft Remainder for a new principal Amount Interest on 991 dols. from April 1, 1780, to Feb. 1, 1781 (10 months) 15 00 1015 00 24.00 991 00 49 55 1040 55 Paid Feb. 1, 1781, do. greater than the intereft then due Remainder for a new principal Amount Paid Aug. 1, 1780, a fum less than the intereft then due dols. 4 00 Paid Dec. 1, 1780, do. do. 24 26 Remainder for a new principal 954 8E Intereft on 970 dols. 55 cts. from Feb. 1, 1781,to July 1, 1781 (5 mon.) Paid July 1, 1781, a fum exceeding the interest Interest on 954 dols. 81 cts. from July 1, 1781, to June 1, 1784 (2 yrs.11 m.) 167 09 Paid Sept. 1, 1784, a fum lefs than the interest then due Paid Jan. 1, 1785, do. do. 15.00 Paid Oct. 1, '85, do, greater with 2 last paymts, than inft. then due 50 00 Remainder for a new principal Intereft on 810 dols. 65 cts. from O&. 1, 1785, to Dec. 1, 1790, the time when judgment is to be entered (5 years 2 months) |