1. What is the amount of $144 for 1 year at 6 per cent? Ans. $152.64. 114 6 Interest, $8.64 We point out 2 places for cents Principal, 144.00 agreeable to Rule 1st. per cent? 66 Amount, $152.64 2. What is the amount of $240.75 for one year at 6 Ans. $255.191. 3. What is the interest of $640 for 1 year? Ans. $38.40. 4. What is the interest of $20.33, “ 1.22. 5. What is the interest of $1620 97.20, 6. What is the interest of $19.64 for 2 years? Ans. $2.36 nearly. To find the interest for years and months. CASE III. Bring the years to months, and multiply the principal by the number of months, and half the product will be the interest, or take half the months and multiply it by the principal. 1. What is the interest of $325 for 12 years? Ans. $234.00. 2. What is the interest of $617.56 for 25 years? Ans. $926.34. 3. What is the interest of $17,696.56 for 10 years? Ans. $10,617.93. 4. What is the interest of $250 for 11 years? Ans. $165.00. 5. What is the interest of $13.937 for 3 years? Ans. $2.50. To find the interest for months at six per cent. RULE.-Multiply the principal by half the number of months, and proceed as before. 1. Find the interest of $240.75 for 2 months at 6 per cent per annum? Ans. $2.407 2. Find the interest of $320.25 for 3 months? Ans. $4.80.3 + 3. Find the interest of $480.90 for 4 months? Ans. $9.61.8. 4. Find the interest of $325.92 for 5 months? Ans. $8.14.8. 5. What is the amount of $240.92 for 2 years, 10 months at 7 per cent.? Ans. $288.70.2. 6. What is the amount of $325.15 for 3 years, 5 months, at 5 per cent.? Ans. $380.70. CASE IV. When the rate of Interest is at any per centage more or less than six per cent. RULE.—Find the Interest of the given PRINCIPAL at 6 per cent., as before directed; then multiply that interest by the given rate per cent. more or less than 6 per cent. and divide the product by 6, and you get the interest required. 1. Calculate the interest on a note of $275 for 4 months at 7 per cent.? Ans. $6.115. 2. Calculate the interest of $350 for 5 months, at 5 Ans. $7. 29 + 3. Calculate the interest of $248.75 for 11 months, at 7 per cent.? Ans. $15.96. 4. Calculate the interest of $365.67 for 7 months, at cent. Ans. $6.40. 5. Calculate the interest of $600 for 15 months at 5 Ans. $37.50. 6. Calculate the interest of $99.80 for 19 months, at 6 per cent. per annum? Ans. $8.62.6. per cent.?. 3 per per cent.? CASE V. When the Interest is required for any number of years and months. RULE.—Bring the years and months, to months, take half the sum; multiply that half sum, or half the number cent. per of months, by the principal, for the interest at 6 per cent. according to Rule, 2nd case. 1. What is the interest of $65 for 3 years, 4 months, at 6 per annum? Ans. $13.00. 2. What is the interest of $199.11 for 3 years 8 months at 6 per cent? Ans. $43.80.4. 3. What is the interest of $98 for 4 years 2 months? Ans. $24.50. 4. What is the interest of $1298.40 for 4 years 8 months? Ans. $363.55.2. CASE VI. To find the Interest of any given principal for any num ber of years, months and days, at six per ct. per annum. RULE.—Bring the years and months to months, take one-sixth of the days, which annex to half the months, multiply that number by the principal, and point out three decimal places in the product. One for mills and two for cents, which will give the correct answer. It may be asked, why we take ţ of the days, an answer is at hand; because, 30 days is the general average of a month;--Days are therefore, thirtieths of a month, and sixtieths of half months, because the Interest of any sum at 6 per cent. is exactly 1 per cent. a month.--Hence if * of the days be taken they will become tenths, or decimals of a month. 1. What is the interest of $400 for 3 years, 4 months and 12 days, at 6 per cent. per annum? $80.80. yrs. m. d. llustration, 3 4 %)12 12 2 1)40 202 $ 80.80.0 Answer, 2. Calculate the interest of $360 for 2 years 8 months and 18 days. Ans. $58.68. 3. Calculate the interest of $800 for 1 year 8 months and 6 days? Ans. $80.80. 4. Calculate the interest of $240.65 for 4 years, 4 months and 15 days? Ans. $63.17. 5. Calculate the interest of $67.50 for 1 year, 7 months and 7 days? $6.49 6. Calculate the interest of $23.19 for 2 years, 5 months and 11 days? $3.40.5. CASE VII. When the Interest is required from a certain day of the month, in a year, to a particular day of the month in the same or in another year. 1. What is the interest of $30, from Feb. 6th, 1838, up to June 22d, 1840? Ans. $4.28. 2. What is the interest of $35.61 from Nov. 11th, 1831, up to Dec. 15th 1833? Ans. $4.47.4. 3. What is the interest of $11.10), from April 17th, to Dec. 7th, 1832, at 7 per cent.? Ans. $0.49.6. 4. What is the interest of $369.29, from April 30th 1830, to July 31st 1832, at 4 per cent.? Ans. $33.28. 5. What is the interest of $1728.75, from Nov. 19, 1823, up to June 18th, 1826? Ans. $267.66.8. 6. What is the interest of $99.99.9, from Jan. 1st, 1800, to Feb’y 29th, 1832? Ans. $192.96.4. PARTIAL PAYMENTS ON BILLS AT INTEREST. In the Supreme Court of the United States, and, indeed, in most courts of the several States, the following rule is generally adopted, for estimating interest on Notes and Bonds; when partial payments have been made. GENERAL RULE. Compute the interest on the principal sum, from the time when the interest commenced, to the first time when a payment was made, add that interest to the principal, and from the sum subtract 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 the same manner to the time of judgment. Wilmington, Del. June 17, 1829. For value received, I promise to pay Joseph Miller, or order, on demand, seven hundred and sixty-nine dollars, and eighty-seven cents, with interest. $769.87. NELSON CLELAND. Atlest, Eli Hillis. On this note are the following payments: March 1, 1830, received seventy-five dollars and fifty cents. · June 11, 1831, received one hundred and sixty-five dollars. September 15, 1831, received one hundred and seventyone dollars. January 21, 1832, received forty-seven dollars and twenty-five cents. March 5, 1833, received twelve dollars and seventeen cents. December 6, 1833, received ninety-eight dollars. July 7, 1834, received one hundred and sixty-nine dollars. What remains due Sept. 25, 1835? Ans. $211.92. yrs. Int. for 8in. 15d. 32.72 m. d diff. of time. m. d. 0 8 15 $802.59 Subtract first payment, 75.50 Balance for new principal, $727.09 yrs. 1831 6 11 1830 3 1 Interest, 55.74 1 3 10 782.83 Subtract second payment, 165.00 Balance for new principal, $617,83 diff. of time. |