 | Joseph Ray - Arithmetic - 1877 - 350 pages
...the payments, taken together, exceed the interest due, and then the surplus is to be applied toward discharging the principal ; and interest is to be computed on the balance, as aforesaid." — KENT, CJ REM. — This rule is founded on the principle that neither interest nor payment shall... | |
 | Joseph Ray - Arithmetic - 1880 - 420 pages
...principal, and the subsequent interest is to be computed on the balance of principal remaining due. 3. "If the payment be less than the interest, the surplus...interest is to be computed on the balance as aforesaid. 307. This rule is based upon the following principles: PRINCIPLES. — 1. Payments must be applied... | |
 | Law reports, digests, etc - 1883 - 994 pages
...principal remaining due. If the payment be less than the interest, the surplus of interest must not betaken to augment the principal; but interest continues on...be applied towards discharging the principal; and the interest is to be computed on the balance." It will be seen that the court below in effect adopted... | |
 | Law reports, digests, etc - 1917 - 1232 pages
...goes towards discharging the principal, and the subsequent interest is to ing due. If the payment is less than the interest, the surplus of interest must...the principal, and interest is to be computed on the balmier. State of Connecticut v. Jackson, 1 Johns. Ch. (NY) 13 [7 Am. Dec. 4711: Van-Renschooten v.... | |
 | Law reports, digests, etc - 1891 - 1158 pages
...the former principal until the period when the payments, taken together, exceed theinterest due, and the surplus is to be applied towards discharging the...interest is to be computed on the balance, as aforesaid." This rule is generally adopted by modern authority, and in some states of the Union has been confirmed... | |
 | D. M. Garrett - Arithmetic - 1886 - 210 pages
...the principal ; but the interest continues on tin former principal until the period when the payments exceed the interest due, and then the surplus is to...be applied towards discharging the principal, and the interest is to be computed on the balance, as aforesaid. — The above is the decision of Chancellor... | |
 | D. M. Garret - Arithmetic - 1886 - 202 pages
...the principal ; but the interest continues on the former principal until the period when the payments exceed the interest due, and then the surplus is to...be applied towards discharging the principal, and the interest is to be computed on the balance, as aforesaid. — The above is the decision of Chancellor... | |
 | Waite A. Schoemaker - Arithmetic - 1887 - 454 pages
...payments, tal•en together, exceed the interest due, and then the surplus is to be applied toward discharging the principal, and interest is to be computed on the balance a9 aforesaid. 1. A note of $640, dated May 21, 1866, and drawing interest at 6$, had indorsements as... | |
 | Thomas A. Rice - Accounting - 1889 - 364 pages
...when the payments, taken together, exceed the interest due, and then the surplus is to be applied 294 towards discharging the principal, and interest is to be computed on the balance as aforesaid. THE MERCANTILE RULE. 1. Find interest on principal up to time of settlement and add it to principal. 2.... | |
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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 towards discharging the principal, and the... 
