me per receipt 2901 and 20th ditto 2101.; on the ist of March following he demands a fettlement; what is then due to me, interest at 6 per cent. Then, 73/00)1565/30 5)21 8 10 Int. at 51. per cent per annum. 25 14 8 Int. at 6 per cent. on faid account. 355 Balance of the account. £380 14 8 Total balance in my favour. When cash credits are given, a balance should be made upon every tranfaction, which should be multiplied into the days, the first leisure minute: then when the time of fettlement comes, you will only have to add up the products, and divide as above, and the account will be finished. A owes B the following sums, with the interest on them at 6 per cent per annum, as follows, viz. 6ol. for 7 months; 150l. for 5 months; 751. 10s. for 9 months? 1451 15s. for 7 months, and 3971 12s. for 4 months; what is the amount of principal and interest; Note. Note. I divide by 200, the number of months, in which any fum will double at 6 per cent. per annum, and it gives the interest. When partial payments are made upon notes, bonds, &c. at any interval greaterthan ayear, the interest is calculated in a progressive manner, by adding the interest to the principal of the time of the first payment and from the sum deducting the payment, &c. DISCOUNT Is an allowance made for the payment of any fum of money, before it becomes due, and is the difference between that fum due some time hence, and its present worth. The present worth of any fum, or debt, due some time hence, is such a fum, as, if put to interest, would in that time and at the rate per cent. for which the discount is to be made, amount to the sum or debt, then due. RULE. As the amount of rool. for the given rate and time, is to 100l: So is the given fum or debt, to the present worth. Subtract the present worth from the given sum, and the remainder will be the discount required. Or, As the amount of 100l. for the given rate and time, is to the interest of 100l. for that time: So is the given sum or debt to the discount required. EXAMPLES. 1. What is the discount of 6351. 17s. due two years hence, at 5 per cent. per annum ? A A Inta Or, as III: 100 :: 635 17:572 16 94 present worth. £. And 635 17-572 16 91-63 0 2 discount. 2. What is the present worth of 350l. payable in half a year, discounting at 61. per cent. per annum ? Anf. 3391. 16 1 3. What 3. What is the present worth of 651. due 15 months hence, at 61. per cent per annum ? Ans. 6ol. 9 34 4. What is the discount of 971. 10s. due January 22d, this being September 7th, reckoning interest at 51. per cent. ? Anf. 11. 15 11. 5. Bought a quantity of goods for 250l. ready money, and fold them for 3col. payable in 9 months; what was the gain, in ready money, supposing the discount to be made at 61. per cent. ? BARTER Ans. 371. 1 7 Is the exchanging of one commodity for another, and teaches traders to proportiontheir quantities without loss.. CASE L When the quantity of one commodity is given, with its value, or that of its integer, that is of Ilb. 1Cwt. yd. &c. as also the value of the integer of some other commodity to be given for it, to find the quantity of this; or, having the quantity thereof given, to find the rate of felling it. RULE. Find the value of the given quantity by the concisest method, then find what quantity of the other at the rate proposed, you may have for the same money: Or, if the quantity be given, find from thence the rate of felling it. EXAMPLES. 1. How much tea, at 9/6 per lb. must be given in bar ter for 156 gallons of wine, at 125. 34d. per gallon ? |