Items related to Numbers applied, a complete arithmetic Volume 1
Synopsis
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1887 Excerpt: ...10, 1882 15 Amount $90 Third and fourth payments ($7 + $33)--40 New principal 50 Interest on $50 to Jan. 10, 1888 (4 months) j4-l Amount due on settlement, Jan. 10.... $51 This calculation is in accordance with the 329. United States Rule for Partial Payments. Find the amount of the principal to the time when a payment or the sum of two or more payments equals or exceeds the interest. From this amount deduct the payment or the sum of the payments. With the remainder as a new principal, proceed as before. Note.--This rule is founded on the principle that neither interest nor payment shall draw interest. Examples.--2. A note of $250 is dated June 1,1878. Indorsement: June 1, 1879, $85. What was due at the time of settlement, June 1, 1880, interest at 5#? 3. A note of $1000, dated May 1,1875, was indorsed as follows: Nov. 25, 1875, $134; March 7, 1876, $315.30; Aug. 13, 1876, $15.60; June 1, 1877, $25; April 25, 1878, $236.20. What was the amount due on Sept. 10, 1878, interest 6 'f'? When there are many dates to deal with, as in the preceding problem, it will aid the accountant to avoid confusion and consequent danger of error to write out the dates as in the first column below, and the differences as in the second. This arrangement affords a ready means of testing the accuracy of the work, inasmuch as the sum of the differences in the second column must be equal to the difference between the first and last dates in the first. Then, if we adopt the 6 % method (see page 308), that is, multiply the interest of $ 1 for each period by the number of dollars at interest during that period, we may test the correctness of each item, since the sum of the several items must equal the interest of $1 for the whole time. 4. A note of $600, dated March 10,1877, is indorsed...
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