yrs. 1831 1831 m. d. Int. for 3m. 4d. 9,68 diff. of time. O 3 4 $627.51 Subtract third payment, 171.00 Balance for new principal, $456.51 yrs. d. 1832 1 21 1831 9 15 Int. for 3m. 6d. 7.30 m. diff. of time. m. d. 0 3 6 $463.81 Subtract fourth payment, 47.25 Balance for new principal, $416.56 yrs. .1833 3 5 $416.56 1832 1 21 Int. for 'ly. 1m. 15d. 28.12 1 1 15 $444.68 Subtract fifth payment, 12.17 Balance for new principal, $432.51 yrs. d. 1833 12 6 1833 3 5 Int. for Gm. 1d. 19:54 diff. of time m. Hiff. of time. m. 0 9 1 $452.05 Subtract sixth payment, 98.00 Balance for new principal, $354.05 yrs. d. 1834 7 7 1833 12 6 Int. for Oy. 7m. 1d. 12.45 07 1 $366.50 Subtract seventh payment, 169.00 Balance for new principal, $197.50 yrs. d. 1835 9 25 1834 7 7 diff. of time. m. diff. of time. 1 2 18 Int.for ly. 2m. 18d. 14.42 Due on the 25th September, 1835, $211.92 Baltimore, March 10, 1840. For value received I promise to pay Simon Kemp, fifty four dollars and eighteen cents, with interest. $54.18. JAMES HOOPER. Attest, John E. STANSBURY. On this note are the following payments: June 10, 1840, received twelve dollars and twenty-five cents. August 16, 1840, received ten dollars. October 21, 1840, received twenty dollars. March 4, 1841, received five dollars. What sum will be due on the 4th day of July, 1841? Ans. $9.04. MISCELLANEOUS QUESTIONS IN INTEREST. CASE I. Principal interest and time given to find the rate per cent. 1. At what rate per cent. must $500 be put on interest to gain $120 in 4 years? RULE.-Multiply the interest by the time, and subtract the product from the amount, the remainder will be the interest gained at 1 per cent. for the given time, provided the difference be less than the principal, divide the interest by that remainder, and the quotient will be the rate per cent. required. Illustration.- 120 X 4 = 480, 500 480 = 20, and W = 6 per cent as required. Proof-$500 at 6 per cent per annum gives $30 interest, which being multiplied by 4, = $120 the interest of $500 for 4 years. 2. If I receive $60 interest for the use of $600, 1 year, 8 months, what is the rate per cent. Ans. 6 pr.ct. 3. If I pay $200 for the use of $2000, for 2 years 6 months, what is the rate per cent? Ans. 4 per ct. 4. At what rate per cent. must $400 be put to interest to gain $120 in 5 years? Ans. 6 per ct. 5. At what rate per cent. must $500 be put on interest to gain $120, in 4 years? Ans. 6 per ct. CASE II. per ct. When interest multiplied by the time exceeds the principal, 1. At what rate per cent. must $125, be put to interest to gain $37.50 in 6 years. Ans. 5 2. At what rate per cent. will $480 yield, $90 interest in 3 years, 1 month, and 15 days? Ans. 6 per ct. 3. If $225 gain $108 in 8 years, what is the rate per cent.? Ans. 6 per cent. 4. At what rate per centmust $120 be on interest to amount to $133.20 in 16 months. Ans. 81 per cent. 5. At what rate per cent. must $280 be on interest to amount to $411.95 in 64 years? Ans. 74 per cent. CASE II. 1. Suppose $1000, at 45 per cent per annum, amount to $1281.25. How long was it at interest? Ans. 6 years 3 mos. 2. In what time will $1600 amount to $2048 at 4 per cent. per annum? Ans. 7 years. CASE III. 1. In what time will the interest of $600 be equal to the principal at 6 per cent.) Ans. 16 years 8 mos. GENERAL RULE. Divide 100 by the given per centage, and the quotient will be the time in years; if there be a remainder, multiply it by 12, and divide by the rate per cent. 1. For months, thus, 6)100 4 12 16 Ans. 20 years. 2. At 5 per cent., in what time will any sum of money double itself at interest? 3. At 4 per cent. in what time will any sum of money double itself, at interest? 4. At 6 per cent., in what time will any sum of money treble itself at interest? Ans. 50 years. Ans. 25 years. Ans. 50 years. 5. In what time will the interest of $240, at 6 per ct., be treble the principal? 6. A certain property valued at $1500 rents for $132 annually, required the rate of interest? Ans. 84 per.ct. INSURANCE. MARINE INSURANCE. The subjects of Marine insurance are, ships, merchandise, freight, &c. The following examples will clearly illustrate the principles of Marine Insurance; Real Estate, or Property In surance. 1. Suppose Ezekiel Dorsey, of Baltimore, shipped on board the brig Nimble, Farrell, master; and consigned to David Dunham, Commission Merchant, Liverpool, to sell for his account: 120 bales cotton, cost $6735.00 1000 barrels Flour at $5.00, 5000.00 Shipping expenses paid, 265.00 1 Amount of shipment and expenses, $12000.00 Before the brig sails, Mr. Dorsey is anxious to have his property insured. Now admitting the rate of insurance to be 14 per cent. premium, and the cost of the policy $1.25 cts. How is the amount to get insured obtained, so as to cover all expenses accurately? RULE.- As 100 less the rate of premium is to 100, so is the sum of cost, charges and policy to the amount required, to get insured Cost and charges $12000.00 1.25 REAL ESTATE. 2. My property in Baltimore is worth $30,000, for what amount must I get it insured, so as to cover cost and charges, insurance being 1 per cent. premium. Policy $1.25. Ans. $30,304.30—of which $304.30 is to be paid to the insurance company. MERCHANDISE. 3. Effected insurance on my Warehouse and Merchandise therein, which cost me $18,000; what sum must I get it insured for, the insurance being 3 per cent., policy, $1.25. Ans. $18,557.99—of which the Underwriters receive $557.99. CASE II. When a Commission Merchant ships a cargo, to his cor respondent, and therefore cost, charges, premium and policy, are all included. RULE.—Add too of the rate of commission to unity, multiply the sum by the rate of insurance, and call the product b, then as 100 less b: 100 more the rate of commission : : the sum of the cost, charges, and policy, to the amount sought, which is to be insured. 4. York and M'Allister, Commission Merchants, New Orleans, shipped on board the brig Orleans, Lewis, master, and consigned to Lewis Laroque, London, for his account, 920 bales of cotton, cost, $64,537.00 Paid shipping expenses, 266.00 Effected insurance of the invoice amount by the American Insurance Company, at 4 per cent., policy $1.25. Ans. the amount to get insured to cover all expenses, is $71,024.33. Amount of insurance at 4 $2842.22 Commission on the whole, $67,642.22 at 3382.11 5 per cent. is per cent. is |