EQUATION OF PAYMENTS, Is finding the equated time to pay at once, several RULE. Multiply each payment by its time, and divide the sum of the several products by the whole debt, and the quotient will be the equated time for the payment of the whole. EXAMPLES. 1. A owes B 380 dollars, to be paid as follows-viz. 100 pilars in 6 months, 120 dollars in 7 months, and 160 doilars in 10 months: What is the equated time for the payment of the whole debt. ?. 100 X 6= 160 x 10 = 1000 600 840 380 )8040(8 months. Ans. ; 2. A merchant hath owing him 500l. to be paid as follows: 50l. at 2 months, 100l. at 5 months, and the rest at 8 months; and it is agreed to make one payment of the whole I demand the equated time? Ans. 6 months. 3. Fowes H 1000 dollars, whereof 200 dollars is to be paid present, 400 dollars at 5, months, and the rest at 15 months, but they agree to make one payment of the whole; I demand when that time must be? Ans. 8 months. 4. A merchant has due to him a certain sum of money, to be paid one sixth at 2 months, one third at 3 months, and the rest at 6 months; what is the equated time for the payment of the whole? Ans. 44 months. BARTER, Is the exchanging of one commodity for another, and di rects merchants and traders how to make the exchange without loss to either party. RULE. Find the value of the commodity whose quantity is given; then find what quantity of the other at the pro posed rate can be bought for the same money, the answer. and it gives EXAMPLES. 1. What quantity of flax at 9 cts. per lb. must be given in barter for 12 lb. of indigo, at 2 dols. 19 cts. per lb. ? 12 lb. of indigo at 2 dols. 19 cts. per lb. comes to 26 dols. 28 cts. therefore, As 9 cts.: 1 lb. :: 26,28 cts. : 292 the answer. 2. How much wheat at 1 dol. 25 cts. a bushel, must be given in barter for 50 bushels of rye, at 70 cts. a bushel ? Ans. 28 bushels. 3. How much rice at 28s. per cwt. must be bartered for S cwt. of raisins, at 5d. per Ib. ? Ans. 5cwt. Sqrs. 9413lb. 4. How much tea at 4s. 9d. per lb. must be given in barter for 78 gallons of brandy, at 12s. 34d. per gallon ? Ans. 2011b. 13270z. 5. A and B bartered: A had && cwt. of sugar at 12 cts. per lb. for which B gave him 18 cwt. of flour; what was the flour rated at per lb. ? Ans. 5 cts. 6. B delivered & hhds. of brandy, at 6s. 8d. per gallon, to C, for 126 yds. of cloth, what was the cloth per yard? Ans. 10s. 7. D gives E 250 yards of drugget, at 30 cts. per yd. for 319 lbs. of pepper; what does the pepper stand him per lb. ? Ans. 23ets. 5,1m. in 8. A and B bartered: A had 41 cwt. of rice, at 21s. per cwt. for which B gave him 207. in money, and the rest in sugar at 8d. per lb.; I demand how much sugar B gave A besides the 201.? Ans. 6cwt. Ogrs. 191⁄2lb. 9. Two farmers bartered: A had 120 bushels of wheat, at 1 dols. per bushel, for which B gave him 100 bushels of barley, worth 65 cts. per bushel, and the balance in oats at 40 cts. per bushel; what quantity of oats did A_receive from B.? Ans. 287 bushels. 10. A hath linen cloth worth 20d. an ell ready money; but in barter he will have 2s. B hath broadcloth worth 14s. 6d. per yard ready money, at what price ought B to rate his broadcloth in barter, so as to be equivalent to A's bartering price? Ans. 17s. 4d. Syrs. IV. When the principal is given in pounds, shillings, kc. New-England currency, at 6 per cent. to find how uch the monthly interest will be in federal money. RULE. Multiply the pounds, &c, by 5, and divide that prouct by 3, the quotient will be the interest for one month, cents, and decimals of a cent, &c. EXAMPLES. 1. A note for £411 New-England currency has been n interest one month; how much is the interest thereof federal money? ב 2. Required the I 7 months P £. 411 5 8)2055 Ans. 685cts. 86, 85cts. interest of 391. 18s. N. E. currency, Interest for 1 mo. $9,9 decimal value. 5 3)199,5 66,5 cents. 7 Ditto for 7 months, 465,5cis. 4, 65cts. 5m. Ans. V. When the principal is given in New-England and rginia currency, at 6 per cent. to find the interest for ear, in dollars, cents and mills, by inspection. RULE. Since the interest of a year will be just so many cents the given principal contains shillings, therefore, write wn the shillings and call them cents, and the pence in principal made less by 1 if they exceed 3, or by 2 en 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.? £25s. 45s. Interest 45cfs. the Answer. 2. Required the interest of 100%. for a year at 6 per ct.? £100-2000s. Interest 2000cts.=$20 ́Ans. 3. Of 27s. 6d. for a year? Ans. 27s. is 27cts. and 6d. is 5 mills. 4. Required the interest of 5l. 10s. 11d. for a year P £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... 1. Find the amount of the whole principal for the whole time. 9 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 [Carried over. 341, 00 second payment, Aug. 17, 1796. Fr. mo. 37, 51 Interest to- -June 17 1798. =1 10 S78, 51 amount. $ cts. 99, 00 third payment, January 2, 1798. 101, 72 amount. 184, 50 378, 51 101, 72 } 664, 73 total amount of payments. 675, 00 note, dated April 17, 1793. several amounts. 884, 25 amount of the note. Fr. mo. 5 2 1798. $219, 52 remains due on the note, June 17, 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 $ 50 How stands the balance between us, on the 16th November, 1800 ? Ans. due to me $63, 18cts. 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- Ans. £ 50 0 And payment June 4, 1800, 12 10 liste How much remains due on said note. the fourth day of December, 1800 P £ s. d. -12 6 |
