 Courts have adopted the following, called the UNITED STATES RULE. Find the amount of the principal to the time of the first payment ; if the payment equals or exceeds the interest, subtract it from the amount, and regard the remainder as a new principal.  American Comprehensive Arithmetic - Page 224by Middlesex Alfred Bailey - 1897 - 320 pagesFull view - About this book
 | William Kent - Mechanical engineering - 1923 - 1450 pages
...Ans. 70 days. PARTIAL PAYMENTS. To compute Interest on notes and bonds when partial payments have sen made. United States Rule. — Find the amount of the principal to the time the first payment, and, subtracting the payment from it, find the amount the remainder as a new principal... | |
 | John Charles Stone - Arithmetic - 1926 - 356 pages
...three places to the left, and divide by 6. At 4%, point off as above but divide by 9. Partial Payments: United States Rule Find the amount of the principal to the time when a payment or the sum of several payments shall equal or exceed the interest due at the time. Subtract... | |
 | Stoddard A. Felter - Arithmetic - 1862 - 332 pages
...United States, and by nearly all the States of the Union : — RULE. — I. Compute Hie interest on the principal to the time of the first payment. If the payment equals, or exceeds this Merest, add the interest to the principal, and from the sum subtract the payment ; the remainder... | |
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