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22. What is the interest of gio dols. 50 cts. for 3 years 9 mo. and 26 days, at 7 per cent. per annum ?

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23. How much will 185 dols. 26 cts. amount to, in 2 years 3 months and 11 days, at 7 per cent. per annum ?

Ans. 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 August, 1798, at 8 per cent. per an.

Anf. 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 ?

Ans. 205 dols. 86 cts.

27. What is the interest of 658 dols. from January 9 to O&teber 9 following, at į per cent. per month ?

Ans. 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. Most persons use this method of computing the time, but as it is 5 days less in a year than the true number, some 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.

7086

39

1

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29. What is the interest of 8, dols. 56 cts. for 72 days, at 6 per cent, per annum ?

87,56

79

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cts.

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215 80

dols.
days.

dols, cre. m. 30. 2962 19 for 254 at 6 perct. per ann. Anf. 123 68 8 31. 35 236

I 47 2 32. 1733 97

29 7 5 33 455 52 47

3 51 9 34. I 25

4 43 4 35 517 90 84

7 15 1 36. 73 63 92

1 II 3 The following method of calculating the interest upon accounts, when there are partial payments, is sometimes used. 1798.

days. Prod.princ.& time January 2, Lent 100 on interest for 13

1300

dols.

15, Lent

110

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d. cts.

149

1490 13, Received 143 20, Time of adjustment 6

7

42

9608
Then 6083)9608( 1,57 interest at 6 per cent.

6083 6, the principal due.
35250 7,57 the amount due March 20:h.
30415

48350
42581

5769

By this method interest may be calculated on accounts, multiply. ing each sum by the days it is at interest, and taking the quotient of 36500, divided by the rate per cent. as a fixed divisor to inę sum of the products. Thus, the rate in the last example being 6 per cent, the divisor is 6083; for 5 per cent. it would be 7300; for 7 per cent, 5214, &c.

If the time is months, multiply each sum 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 divisor 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 interest commenced to the time of settlement, and likewise the amount of each payment, and then deduct the amount of the several 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 interest to commence 4 months after the date. On this note are the following endorsements :

Received O&t. 12th, 1798, 260 dols. 19 cts.-O&. 13th, 1798, 60 dols.—Nov. 2, 1798, 200 dols. And the settlement is made December 15th, 1798. CALCULATION.

dols. cts. The principal carrying interest from 25th Aug. 1798, Interest to December 15th, 1798

3m. 20 days, Amount of the principal

788 96

dols.
First payment, Oct. 12th, 1798
Interest to December 15th, 1798, 2 m. 3ds. . 2 73
Second payment, O&. 13th, 1798,

60
Interest to Dec. 15th, 1798,
Third payment, Nov. 2, 1798,
Interest to Dec. 15, 1798,

13

774 76 14 20

260 19

2

2

062

200

1

1 43

Amount of the payments

524 97

Settlement is made for

Dols. 263 99

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The Rule established by the Courts of Law in Masachusetts 1. for making up judgments on Securities for Money, which are

upon intereft, and on which partial payments have been endorsed.

Compute the interest on the principal fum, from the time when the interest 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 subtract the interest, as upon the first principal: and proceed in this manner to the time of the judgment. By thisRule,the payments are first applied to keep down the interest: and no part of the interest ever forms a part of a principal carrying interest.

The following example will illustrate the rule, in which the interest is computed at the rate of fix per cent. by the year, that being the legal rate of interest in Massachusetts.

A, by his note dated January 1, 1780, promises to pay B 1000 dols. in fix months from the date with interest from the date.

On this note are the following endorsements :

Received April 1, 1780, 24 dols. Aug. 1, 1780, 4 dols. Dec. I, 1780, 6 dols. Feb. 1, 1781, 60 dols. July 1, 1781, 40 dols. June 1, 1784, 300 dls. Sept. 1, 1784, 12 dls. Jan. 1, 1785, 15 dls. and O&. 1, 1795, 50 dols. And the judgment is to be entered Dec. 1, 1790.

CALCULATION.
The principal fum carrying interest from January 1, 1780,
Interest to April 1, 17879 3 months

15 00 Amount

1015 oo Paid Apr. 1, 1780, a sum exceeding the interest

24 oo Remainder for a new principal Interest on 991 dols, from April 1, 1780, to Feb. 1, 1781 (10 months) 49 55

Amount 1040 55 Paid Aug. 1, 1780, a sum less than the interest then due Paid Dec. 1, 1780, do. Paid Feb. 1, 1981, do. greater than the interest then due

70 00 Remainder for a new principal

970 55 Interest on 970 dols, 55 cts. from Feb. 1, 1781,to July 1, 1781 (s mon.)

24 26

Amount 994 81 Paid July 1, 1781, a fum exceeding the interest

40 00 Remainder for a new principal Interest on 954 dols. 81 cts. from July 1, 1781, to June 1, 1784 (2 yrs. It m.) 167 09

Amount Paid June 1, 1984, a sum exceeding the interest

300 00 Remainder for a new principal Interest on 821 dols. go cts. from June 1, 1784, to O&t. 1, 1785, (1 yr.4 m.) 65 75

Amount 887 65 Paid Sept. 1, 1784, a sum less than the interest then due

dals. 12 00 Paid Jan. 1, 1785, do.

do.

15 oo Paid Oct. 1, '85, do. greater with 2 last paymts, than inst. then due 50 00 77 00 Remainder for a new principal the time when judgment is to be entered (5 years 2 months)

3.90;} 251 30 Judgment rendered for the

Amount
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dols. 4 00

do,

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60 00

954 81

1121 90

821 90

810 65

1061 95

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