602. I settled with a creditor and gave my note for $317 .42, to be paid in 1 yr. 7 mo. 9 da., with 5 per cent. interest; what must I pay at the end of that time? 603. How much interest will accrue on a note of $3874.20, in 3 yrs. 8 mo. 19 da., at 81⁄2 per cent.? 604. What is the interest of $983.27 from Apr. 9th, 1860, to Jan. 13th, 1863, at 8 per cent.? 605. Find the interest on $371.48 from July 11th, 1849, to Oct. 18th, 1860, at 12 per cent. 606. A man bought a farm for $2000, and paid $384 down; after 8 months he paid $583, and 13 months after that time he paid the balance; what was the whole amount paid, allowing 7 per cent. interest ? 607. A man sold a store and the goods in it for $80000; he received $25300 on delivering; 80 days after $37400, and the remainder at the end of 6 mo.; what was the entire amount, allowing 6 per cent. interest? 608. A merchant bought the following bill of goods at interest at 6 per cent.: How much will his bill amount to December 6th, 1859? 609. OTIS MERWIN, 1862, Jan. 3, 59 yds. Sheeting @ $0.13, To OTIS LYON, Dr. 66 Apr. 9, Cash, $347. 66 June 11, 20 Stoves @ $20, 200.25 66 66 19, 1 box Hoes, 100.50 66 Aug. 12, 100 Axes, 100.00 This account is at interest at 7 per cent.; what will be the amount at the time of settlement, Sept. 13th, 1862 ? 610. I commenced building a house in the year 1860. My expenditures were as follows: Jan. 11th, $374.63; Feb. 19th, $1860.97; Apr. 3d, $94.68; Aug. 13th, $47.98. On the 8th of December I sold it at 12 per cent. advance on the cost, including interest; what did I receive for it? QUESTIONS.-What is an agent or factor? (188.) What is commission? (189.) What is brokerage? (190.) What is a corporation? (191.) What is a charter? (192.) What is a firm? (193.) What is capital or stock? (194.) What is a share? (195.) What are stockholders? (196.) When are stocks said to be at par? (197.) LESSON LXXI. PARTIAL PAYMENTS. 248. A Partial Payment is a payment of a part of the amount due upon a note, or bond, &c. 249. When the amount paid, the date of the payment, and the name of the person receiving the money, are written on the back of the obligation, the writing is called an Indorsement. 250. The following rule for computing interest on bonds, notes, &c., when partial payments have been made, has been adopted by the Supreme Court of the United States, and by all the states of the Union, with the exception of Connecticut, and New Hampshire. RULE.-I. "Compute the interest on the principal to the time of the first payment, and, if the payment exceed this interest, add the interest to the principal, and from the sum subtract the payment: the remainder forms a new principal. II. "If the payment is less than the interest, take no notice of it until other payments are made, which in all shall exceed the interest computed to the time of the last payment; then add the interest so computed to the principal, and from the sum subtract the sum of the payments: the remainder will form a new principal, on which interest is to be computed as before." NOTES.-1. The Connecticut Rule is as follows: I. "Payments made one year or more from the time at which the interest commenced, or from another payment'; and payments less than the interest due are treated according to the U. S. rule. II. "Payments exceeding the interest due, and made within one year from the time interest commenced, or from a former payment, shall draw interest for the balance of the year, provided the interval does not extend beyond the settlement, and the amount must be subtracted from the amount of the principal for one year; the remainder will be a new principal. III. "If the year extend beyond the settlement, find the amount of the principal to that day; the remainder will be the sum due." 2. Vermont has the following rule, which it is customary to use only when partial payments have been made on accounts running for a year or less. RULE.-I. "Find the amount of the principal from the · time interest commenced, to the time of settlement. II." Find the amount of each payment from the time it was made to the time of settlement. III. "Subtract the sum of the amounts from the amount of the principal and the remainder will be the sum due.” 3. New Hampshire has the following rule, which is used by many business men, and hence is styled the mercantile rule. RULE.-I. "Find the amount of the principal for one year, and deduct from it the amount of each payment of that year from the time it was made, up to the end of the year; the remainder will be a new principal with which to proceed as before. II. "If the settlement occur less than a year from the last annual term of interest, make the last term of interest a part of a year accordingly." QUESTIONS. When is stock said to be above par? (198.) When are stocks said to be below par? (199.) What is the real, or market value, of stocks? (200.) What is a dividend? (201.) $369.84. LESSON LXXII. EXAMPLES FOR PRACTICE.* NEWARK, N. J., Jan. 1, 1858. For value received, I promise to pay to Jacob Wilson, or order, on demand, three hundred sixty-nine dollars eighty-four cents, with interest. What will remain due Jan. 9, 1863. NOTES.-1. A joint note is one signed by two or more persons, who are together bound for its payment. (See Example 611.) 2. A joint and several note is one signed by two or more persons, who are together and separately bound for its payment. (See Example 612.) 3. A negotiable note is one which is written payable to order or to bearer, and which can be transferred from one to another. 4. When a note is written payable to order, the payee of the note must write his name on its back, when he transfers it to another person, and by so doing he becomes liable for its payment, if the maker fails to pay it, and he is duly notified of his default. 5. The maker of a note is the person who signs it. The payee is the person to whom it is made payable. 6. The indorser is the person who writes his name on the back to transfer it, or to guarantee its payment. The face of a note is the amount for which it is given. 7. The indorsee is the person to whom the note is transferred by indorsement. 8. The holder is the person who holds or owns the note, and may be either the payee or any indorsee. MODEL OPERATION. 1. 2. 3. Principal, or face of the note, Jan. 1, 1858, Interest on $369.84, from Jan. 1, 1858, to June 13, 1858, Amount, First payment, June 13, 1858, (greater than the inter est, and therefore to be deducted) Balance, for a new principal, Inter'st on $329.825, from June 13,1858, to Dec. 11,1858, $369.84 9.985 $379.825 50. $329.825 9.762 Amount, $339.587 4. 2nd payment, Dec. 11, 1858, (greater than the inter- 25. $314.587 5. Balance, for a new principal, Interest on $314.587 from Dec.11,1858, to Sept. 13,1859, 14.25 Amount, $328.837 6. 3rd payment, Sept. 13, 1859, (greater than the inter- 60. 7. Amount, 8. 9. 10. 11. 5th payment is less than the interest. The sum of the 104.00 12. Balance, for a new principal, Interest on $82.111, from Dec. 29, 1862, to Jan. 9, 1863, 13. Amount due Jan. 9, 1863, $82.111 .130 $82.241 Balance, for a new principal, Interest on $268.837, from Sept. 13,1859, to July 9, 1860, 4th payment, July 9, 1860, (greater than the interest, Balance, for a new principal, Interest on $162.09, from July 9, 1860, to Ang. 13, 1862, Interest on $162.09, from Aug. 13, 1862, to Dec. 29, 1862, Amount, 3.663 $186.111 $268.837 13.253 $282.09 120. $162.09 20.358 |