EXAMPLES. Find the 1. Interest of $837.36 for 3 y. 2 mo. at 7%. Ans. $185.614+ 2. Interest of $400.08 for 2 y. 4 m. 2 d. at 9%. 3. Amount of $640 for 1 y. 6 m. at 7%. 8. Amount of $325 for 3 d. at 74%. Ans. $84.216+ Ans. $2.467+. Ans. $325.196+. 9. Interest of $896 for 2 y. 6 m. at 63%. Ans. $151.822+. 10. Interest of $187.50 for 2 m. 12 d. at 10%. 265 TO FIND INTEREST ON ENGLISH CURRENCY. ILL. EX. Find the interest of 10 £. 15 s. 6 d. for 16 yr. 10 mo. at 6%. Hence the OPERATION. 10 £. 15 s. 6 d. 10.775 £. 10.775 £ multiplied by 1.01, interest of 1 £ for 16 y. 10 m. 10.88275 £ = 10 £. 17 s. 7 d. 3+ qr., Ans. Reduce the shillings, pence, and farthings to the deci mal of 1 £† (Art. 244), compute interest as in Federal Money, and reduce the decimal of 1 £ to s. d., &c., (Art. 245.) † Shillings, pence, and farthings may be reduced to the decimal of a pound by inspection as follows: ILLUSTRATION. Call half the number of even shillings tenths, 5 s. 10 d. 3 far. .296 £. and the odd shilling, if any, 5 hundredths. Re = 5 s. .25 10 d. 3 f. 43 f. = . 5 s. 10 d. 3 f. = .045 duce pence and farthings to farthings, and call them thousandths, adding one to the number .295 £. when it exceeds 12, and 2 when it exceeds 36. The decimal of a pound may be reduced to shillings. pence, and far things, as follows: Find the EXAMPLES. 1. Interest of 10 £. 15 s. for 2 y. 9 m. 10 a. 2. Interest of 17 s. for 1 y. 1 m. 4 d. Ans. 1 £. 15 s. 10 d 7 s. 10 d. for 3 y. 11 m. 14 d. at 4%. 7 s. 11 d. for 1 y. 7 m. 18 d. at 5%. 8 s. for 4 y. 2 m. 27 d. at 8%. 7. Interest of 482 £. 10 s. for 3 y. 2 m. at a rate equal to 1 shilling on £1. Ans. 76 £. 7 s. 11 d. 266. In computing interest, it is often necessary to find the time between two dates. This may be done by subtraction, as in Art. 204, or mentally as follows: ILL. Ex., I. What is the time from May 19, 1860, to Mar. 28, 1862? 1 y. 10 m. 9 d. From May 19, '60, to May 19, '61,= From May 19, '61, to Mar. 19, '62, = From Mar. 19, '62, to Mar. 28, '62, = From May 19, '60, to Mar. 28, '62, ILL. EX., II. What is the time from May 19, '60, to Mar. 15, '62? 1 y. 10 m. 9 d., Ans. From May 19, '60, to Mar. 19, '62, as above, =1 y. 10 m.; but to Mar. 15, '62, it being 4 days less, it is 1 y. 9 m. 26 d. Hence RULE I. Find the number of years and months between the first date and the same day of the month in the second date. If this falls short of the true time, add the difference of days; if it reaches beyond it, subtract the difference of days. RULE II. Find the number of years and ENTIRE calendar months between the dates, and then the remaining days. (p. 329.) NOTE. The answers given in the book are by Rule I. Answers obtained by both rules are given in the Key. It is just to compute interest by the exact number of days in each cal endar month. This is the method employed by the United States Gor ernment and throughout Great Britain. For method of computing inter est at 7%, see Appendix, p. 335. 267. MISCELLANEOUS EXAMPLES. What is the interest of 1. $270.87 from Oct. 17, 1860 to Dec. 28, 1863? Ans. $51.961+ 2. $400.37 from Mar. 14, 1857, to Sept. 9, 1859 ? Ans. $59.722+ 3. $1000 from Nov. 11, 1856, to Aug. 15, 1862, at 7% ? Ans. $403.277+ 4. $19.80 from Oct. 15, 1859, to Apr. 19, 1860, at 5%? Ans. $0.506. 5. $130.16 from Feb. 7, 1866, to Dec. 1, 1870, at 8%? Ans. $50.154+. 6. $99.99 from Jan. 15, 1860, to Mar. 10, 1863, at 3% ? Ans. $9.457+. 7. $62.50 from Aug. 3, 1862, to Apr. 11, 1863, at 71% ? Ans. $3.229+ 8. $175 from Dec. 4, 1861, to May 1, 1864? 9. $2000 from Sept. 8, 1859, to Jan. 3, 1861? 10. $120.90 from July 10, 1865, to Feb. 2, 1868, at 9% ? 11. $456.82 from June 15, 1830, to June 6, 1865, at 1% ? Find the 12. Amount of $365 from Dec. 12, 1860, to Mar. 7, 1861. Ans. $370.171 13. Amount of $58.80 from Nov. 1, 1844, to Feb. 1, 1849, at 7%. 14. Interest of $40.75 from Aug. 19, 1835, to June 17, 1838, at 4%. 15. Interest of $150 from July 5, 1860, to Mar. 17, 1862. 16. Interest of £1000 from July 8, 1858, to Mar. 5, 1860, at 7%. 17. Amount of 430 £. 7 s. 83 d. from July 15, 1870 to Out. 5, 1874, at 12%. Ans. 648 £. 8 s. ) d 18 Interest of 15 £. 10 s. from Dec. 28 to Jan. 4, by the exact nu aber of days. Ans. 4 d. 1+f. 19. Interest of $1600 from Aug. 10, 1864, to Jan. 1, 1865, by the exact number of days, at 5%. Ans. $32. 20. A man gave his note (Art. 268) May 7, 1830, for $1800, with interest; what sum would discharge the note June 21, 1834? Ans. $2245.20. 21. In settling with a person, Jan. 1, 1859, I found I owed him $387.20; for this sum I gave my note on interest at 7%; what should I pay to discharge this note Oct. 20, 1859? 22. There are two notes, one dated Jan. 19, 1850, for $375.83, the other dated May 19, 1851, for $76.19; what is the amount of both notes Jan. 1, 1852, each bearing interest from its date? 23. Reed and Prescott bought goods to the following amounts, agreeing to pay 7% interest from the date of purchase: July 8, 1864, $470; July 28, $235; Oct. 2, $206. What will be the amount due Jan. 1, 1865? Ans. $937.366+. 24. What is the balance of the following account Jan. 1, 1862, and due to whom, reckoning interest on each item from its date? 25. Find the balance due Cabot in the following account, Oct. 1, 1865, interest at 6%, from the date of the items: The Dr. side of this account shows what goods Harris has bought af Lincoln: the Cr. side what he has sold to Lincoln. $389 51 379/84 PARTIAL PAYMENTS, NOTES. 268. A Promissory Note, usually called a Note, is a written promise to pay money or merchandise for value re ceived. 269. The sum promised is called the Principal or Face of the Note, and should be written in words. 270. In order that a note shall draw interest from date, "with interest" must be inserted in it; but notes on demand, without interest specified, draw interest from the time payment is demanded; and notes on time, from the time when due, if not then paid, though interest is not specified. 271. To be negotiable, i. e., transferable or salable, a note must be made payable "to order" or "bearer." If "to order," the holder cannot transfer it without endorsing it, i. e., writing his name on the back of it. The endorser of a note becomes liable for its payment under certain circumstances. He may endorse, without becoming liable, by writing above his name "without recourse.". 272. According to custom, and, in many States, by law, a note is not considered due till three days after the time specified for its payment. These are called days of grace, and interest is taken for them. NOTE. A note is said to mature when it becomes due. 273. Partial Payments are payments in part of notes or other obligations. 274. To compute the interest on notes, when partial pay. ments have been made, observe the following, called THE UNITED STATES RULE. 1. Find the amount of the sum due from the time interest commences to the time of the first payment; subtract the payment, if it will cancel the interest, and consider the remainder a new principal; find the amount of this new principal from the time of the |
