The American Commercial Arithmetic: For the Use of the Grand Rapids Business College, Grand Rapids, Michigan, and Also for the Use of Universities, Private Students, Schools and Counting-houses, Embracing an Extensive Course Both in Theory and Practice. Together with the Laws of the United States Relating to Interest, Damages on Bills, and the Collection of Debts |
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Common terms and phrases
15 days 30 days 50 cents 9 per cent acres balance bank barrels bills of exchange bought bushels of wheat called Canada West cash cents per bushel cents per pound commission common fraction compound interest cost debt decimal places deducted denominator discount divided dividend divisor dollars equal example EXERCISES Express feet figure gain or loss gallons given rate gives gold Hence improper fraction indorsement insured invested Liverpool Lower Canada lowest terms Mdse merchant miles mixed number months multiply negotiable instrument number of terms paid par value payable payment person pound sterling premium principal promissory note purchase quantity quotient rate of interest rate per cent rate per unit ratio received Reduce the common remainder rods roods RULE second power second root selling Sept share sold subtract terms or simplest Upper Canada Usury whole number worth yards
Popular passages
Page 158 - One who makes himself a party to an instrument intended to be negotiable, but which is left wholly or partly in blank, for the purpose of filling afterwards, is liable upon the instrument to an indorsee thereof in due course, in whatever manner and at whatever time it may be filled, so long as it remains negotiable in form.
Page 164 - The rule for casting interest, when partial payments have been made, is to apply the payment, in the first place, to the discharge of the interest then due. If the payment exceeds the interest, the surplus goes toward discharging the principal, and the subsequent interest is to be computed on the balance of principal remaining due. If the payment be less than the interest, the surplus...
Page 181 - ... money to be paid on the birth of a member's child, or on the death of a member, or for the funeral expenses of the husband, wife, or child of a member...
Page 158 - An indorsee of a negotiable instrument, in due course, acquires an absolute title thereto, so that it is valid in his hands, notwithstanding any provision of law making it generally void or voidable, and notwithstanding any defect in the title of the person from whom he acquired it.
Page 171 - If there be after payments made, compute the interest on the balance due to the next payment, and then deduct the payment as above; and in like manner from one payment to another, till all the payments are absorbed; provided the time between one payment and another be one year or more.
Page 159 - The apparent maturity of a promissory note, payable at sight or on demand, is: 1. If it bears interest one year after its date; or, 2. If it does not bear interest, six months after its date.
Page 158 - Presentment for payment is not necessary in order to charge the person primarily liable on the instrument ; but if the instrument is, by its terms, payable at a special place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a tender of payment upon his part.
Page 164 - If the payment exceeds the interest, the surplus goes towards discharging the principal, and the subsequent interest is to be computed on the balance of principal remaining due. If the payment be less than the interest, the surplus of interest must not be taken to augment the principal; but interest continues on the former principal until the period when the payments, taken together, exceed the interest due, and then the surplus is to be applied towards discharging the principal; and interest is...
Page 170 - But if any payments be made before one year's interest hath accrued, then compute the interest on the principal sum due on the obligation, for one year, add it to the principal, and compute the interest on the sum paid, from the time it was paid up to the end of the year ; add it to the sum paid, and...
Page 159 - The notice may be given by or on behalf of the holder, or by or on behalf of any party to the instrument who might be compelled to pay it to the holder, and who, upon taking it up, would have a right to reimbursement from the party to whom the notice is given.