11 mo. 3 da. Ans. $24.57 at 6 per c 32. $127.65 for 1 yr. 33. What is the interest of $155.49 for 3 mo., 34. What is the interest of $970.99 for 6 mo., at 5 per c 35. What is the amount of $350.50 for 2 yr. 10 mo., at cent.? Ans. $120.0 36. What is the interest of $95.008 for 3 mo. 24 da., at 4 cent. ? Ans. $1.3 37. What is the amount of $145.20 for 1 yr. 9 mo. 27 d 12 per cent.? Ans. $178.323 38. What is the amount of $215.34 for 4 yr. 6 mo., at 3 cent. ? Ans. $249.2 39. What is the amount of $5000 for 20 da., at 7 per cen 40. What is the amount of $16941.20 for 1 yr. 7 mo. 2 at 4 per cent.? Ans. $18277.91 41 If $1756.75 be placed at interest June 29, 1860, amount will be due Feb. 12, 1863, at 7 %? 42. If a loan of $3155.49 be made Aug. 15, 1858, at cent., what amount will be due May 1, 1866, no interest been paid? 43. How much is the interest on a note for $257.81, March 1, 1859, and payable July 16, 1861, at 7 %? 44. A person borrows $3754.45, being the property of a who is 15 yr. 3 mo. 20 da. old. He retains it until the ow 21 years old. How much money will then be due at 6 % interest? Ans. $5037.29 45. If a person borrow $7500 in Boston and lend it i consin, how much does he gain in a year? 46. A man sold a piece of property for $11320; the term $3200 in cash on delivery $3500 in 6 mo $2500 in 10 md the remainder in 1 whole amount paid? yr. 3 mo., with 7% interest; what was the Ans. $11773.831. 47. May 10, 1859, I borrowed $6840, with which I purchased flour at $5.70 a barrel. June 21, 1860, I sold the flour for $6.62 a barrel, cash. How much did I gain by the transaction, interest being reckoned at 6 %? 48. If a man borrow $15000 in New York, and lend it in Ohio, how much will he lose in 146 days, reckoning 360 days to the year in the former transaction, and 365 days in the latter? 49. Hubbard & Northrop bought bills of dry goods of Bowen, McNamee & Co., New York, as follows, viz.: July 15, 1860, $1250; Oct. 4, 1860, $3540.84; Dec. 1, 1860, $575; and Jan. 24, 1861, $816.90. They bought on time, paying legal interest; how much was the whole amount of their indebtedness, March 1, 1861 ? 50. A broker allows 6 per cent. per annum on all moneys deposited with him. If on an average he lend out every $100 received on deposit 11 times during the year, for 33 days each time at 2% a month, how much does he gain by interest on $1000? Ans. $182. 51. A man, engaged in business with a capital of $21840, is making 12 per cent. per annum on his capital; but on account of ill health he quits his business, and loans his money at 7%. How much does he lose in 2 yr. 5 mo. 10 da. by the change? Ans. $2535.86. 52. A speculator wishing to purchase a tract of land containing 450 acres at $27.50 an acre, borrows the money at 5 per cent At the end of 4 yr. 11 mo. 20 da. he sells of the land at $34 an acre, and the remainder at $32.55 an acre. he lose by the transaction? How much does 53. Bought 4500 bushels of wheat at $1.12 a bushel, payable in 6 months; I immediately realized for it $1.06 a bushel, cash, and put the money at interest at 10 per cent. At the end of the 6 months I paid for the wheat; did I gain or lose by the transaction, and how much? PARTIAL PAYMENTS OR INDORSEMENTS. 541. A Partial Payment is payment in part of a note, or other obligation. 542. An Indorsement is an acknowledgment written back of an obligation, stating the time and amount of a payment made on the obligation. 543. To secure uniformity in the method of computi terest where partial payments have been made, the Supreme of the United States has decided that, I. "The rule for casting interest when partial payments been made, is to apply the payment, in the first place, to t charge of the interest then due. II. "If the payment exceeds the interest the surplus g wards discharging the principal, and the subsequent interes be computed on the baiance of the principal remaining due III. 'If the payment be less than the interest the surp interest must not be taken to augment the principal, but th rest continues on the former principal until the period wh payments, taken together, exceed the interest due, and th surplus is to be applied towards discharging the principal, a interest is to be computed on the balance as aforesaid."—D of Chancellor Kent. This decision has been adopted by nearly all the States Union, the only prominent exceptions being Connecticu mont, and New Hampshire. We therefore present the prescribed by this decision as the UNITED STATES RULE. I. Find the amount of the given principal to the tim first payment, and if this payment exceed the interest the subtract it from the amount obtained, and treat the remaind new principal. II. But if the interest be greater than any payment, comp interest on the same principal to a time when the sum of th of the payments from the amount of the principal; the remainder will form a new principal, with which proceed as before. $1000. EXAMPLES FOR PRACTICE. BUFFALO, N Y., May 15, 1856. 1. Two years after date I promise to pay to David Hudson, or order, one thousand dollars, with interest, for value received. HENRY BURR. On this note were indorsed the following payments: 200.90 75.20 112.10 105. $1000 94.31 Amount, $1094.31 1st Payment, Sept 20, 1857,.. 150.60 Remainder for a new principal,... $943.71 Interest from 1st paym't to Oct. 25, 1859, 2 yr. 1 mo. 5 da., 138.54 Amount,... $1082.25 2d Payment, Oct. 25, 1859,.. 200.90 Remainder for a new principal,.. $881.35 Interest from 2d paym't to Dec. 5, 1863, 4 yr. 1 mo. 10 da., Sum of 3d and 4th payments, less than interest due, $187.31 $1200. RICHMOND, VA., Oct. 15, 1859. 2. One year after date we promise to pay James Peterson, or order, twelve hundred dollars, for value received, with interest. WILDER & SON. Indorsed as follows: Oct. 15, 1860, $1000; April 15, 1861, $200. How much remained due Oct. 15, 1861? Ans. $82.56. $850,76 100 BOSTON, June 10, 1855. 3. Eighteen months after date I promise to pay Crosby, Nichols & Co., or order, eight hundred fifty and dollars, with 700 interest, for value received. O. L. SANBORN. Indorsed as follows: March 4, 1856, $210.93; July 9, 1857, $140; Feb. 20, 1858, $178; May 5, 1859, $154.30; Jan. 17, 1860, $259 45. How much was due Oct. 24, 1861? 95 $384,80 SAVANNAH, GA., Sept. 4, 1860. 4. Six months after date I promise to pay John Rogers, or order, three hundred eighty-four and 95 dollars, for value received, with interest. WM. JENKINS. 100 This note was settled Jan. 1, 1862, one payment of $126.50 having been made Oct. 20, 1861; how much was due at the time of settlement? $3475. NEW ORLEANS, March 6, 1857. 5 On demand we promise to pay Evans & Hart, or order, three thousand four hundred seventy-five dollars, for value received, with interest. DAVIS & BROTHER. Indorsed as follows June 1, 1857, $1247.60; Sept 10, 1857, $1400. How much was due Jan. 31, 1858? 6. A gentleman gave a mortgage on his estate for $9750, dated April 1, 1860, to be paid in 5 years, with annual interest after 9 months on all unpaid balances, at 10 per cent. Six months from date he paid $846.50; Oct. 20, 1862, $2500; July 3, 1863, $1500; Jan. 1, 1864, $500; how much was due at the expiration of the given time? |
