EXAMPLES. 1. What is the interest of 341 dols. 52 cts. for 7 months? 2)341,52 Or thus, 170,76 Int. for 1 month. 170,76 Int. for 1 month. 71 1280,700cts. 1280,70 Ans. 1280,7 cts.=12, 80cts. 7m. 2. Required the interest of 10 dols. 44 cts. for 3 years 5 months and 10 days. 2)10,44 5,22 8 cts.m. 12,80 7 10 days) 5,22 Interest for 1 month 41 months. 208,8 214,02 ditto for 41 months. 215,76cts. Ans. 82, 15cts. 7m.+ -3.. What is the interest of 342 dollars for 11 months? The is 171 Interest for one month. Ans. 1881cts. $18, 81cts. 11 NOTE. To find the interest of any sum for 2 months, at 6 per cent. you need only call the dollars so many cents, and the inferior denominations decimals of a cent, and it is done: Thus, the interest of 100 dollars for two months, is 100 cents, or 1 dollar; and $25, 40 cts. is 25 cts. 4 m. &c. which gives the following RULE II. Multiply the principal by half the number of months, and the product will shew the interest for the given time, in oents and decimals of a cent, as above. EXAMPLES. 1. Required the interest of 316 dollars for 1 year and 10 months. 11-half the number of ma Ans. 3476cts.=$34, 76cts. 2. What is the interest of 364 dols. 25cts. for 4 months? 2 half the months. 728, 50cts. Ans.$7, 28cts. 5m. III. When the principal is given in federal money, at 6 per cent. to find how much the monthly interest will be in New-England, &c. currency. RULE. Multiply the given principal by ,08 and the product will be the interest for one month, in shillings and decimal parts of a shilling. EXAMPLES. 1. What is the interest of 325 dols. for 11 months? ,03 9,75 shil. int. for 1 month. Ans. 107,25s.£5 7s. 8d. 2. What is the interest in New-England currency, of 31 dols. 68 cts. for 5 months ? Principal 31,68 dols. ,03 ,9504 Interest for one month. 5 Ans. 4,7520s.=4s. 9d. 12 IV. When the principal is given in pounds, shillings, &c. New-England currency, at 6 per cent. to find how much the monthly interest will be in federal money. RULE. Multiply the pounds, &c. by 5, and divide that product by 3, the quotient will be the interest for one month, in cents, and decimals of a cent, &c. 14 EXAMPLES. 1. A note for £411 New-England currency has been on interest one nionth; how much is the interest thereof in federal money? 2. Required the for 7 months ? f. 411 5 $)2055 Ans. 685cts. 86, 85cts. interest of 391. 18s. N. E. currency, Interest for 1 mo. $9,9 decimal value. $$,9 5 3)199,5 66,5 cents. 7 Ditto for 7 months, 465,5cts. 84, 65cts. 5m. Ans. V. When the principal is given in New-England and Virginia currency, at 6 per cent. to find the interest for a year, in dollars, cents and mills, by inspection. RULE. Since the interest of a year will be just so many cents as the given principal contains shillings, therefore, write down the shillings and call them cents, and the pence in the principal made less by 1 if they exceed 3, or by 2 when they exceed 9, will be the mills, very nearly. EXAMPLES. 1 What is the interest of 21. 55. for a year at 6 per ct.P ? Ans. 27s. is 27cts. and 6d. is 5 mills. 4. Required the interest of 51. 10s. 11d. for a year £5 10s.110s. Interest 110cts.$1, 10cts. Om. 11 pence-2 per rule leaves 9 9 Ans. $1, 10 VI. To compute the interest on any note or obligation, when there are payments in part, or indorsements. RULE. 9 1. Find the amount of the whole principal for the whole time. 2. Cast the interest on the several payments, from the time they were paid, to the time of settlement, and find their amount; and lastly deduct the amount of the several payments, from the amount of the principal. & cts. 148, 00 first payment, May 7, 1794. 184, 50 amount. EXAMPLES. Suppose a bond or note dated April 17, 1793, was given for 675 dollars, interest at 6 per cent. and there were payments indorsed upon it as follows, viz. First payment, 148 dollars, May 7, 1794. Second payment, 341 dols. August 17, 1796. Third payment, 99 dols. Jan. 2, 1798. I demand how much remains due on said note, the 17th of June, 1798 ? Fr. mo 11 341, 00 second payment, Aug. 17, 1796. Fr. mo. $78, 51 amount. [Carried over. $cts. 99, 00 third payment, January 2, 1798. 101, 72 amount. 184, 50 378, 51 101, 72 several amounts. 664, 73 total amount of payments. 675, 00 note, dated April 17, 1793. 884, 25 amount of the note. Fr. mo. 2 $219, 52 remains due on the note, June 17, 1798. 2. On the 16th of January, 1795, I lent James Paywell 500 dollars, on interest at 6 per cent. which I received back in the following partial payments, as under, viz. 1st of April, 1796 16th of July, 1797 1st of Sept. 1798 How stands the balance between us, on the 16th November, 1800 ? Ans. due to me $63, 18cts. $50 400 60 3. A PROMISSORY NOTE, VIZ. £62 10s. New-London, April 4, 1797. On demand I promise to pay Timothy Careful, sixtytwo pounds, ten shillings, and interest at 6 per cent. per annum, till paid; value received. PETER PAY WELL. JOHN STANBY, Indorsements. 1st. Received in part of the above note, Sep- 50 0 And payment June 4, 1800, 12.10 £ s. d. Ans. 9 12 6 |