Mayhew's Practical Book-Keeping Embracing Single And Double Entry
Mayhew's Practical Book-Keeping Embracing Single And Double Entry
Mayhew Ira
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GENERAL RULE FOR INTEREST. I, For Years. Multiply the principal by the given rate |i expressed decimally, and the product wiU be the interest for one , \ year. Then multiply the interest for one year by the number . \ of years for which interest is required, i j II. For Months. Take such fractional parts of one year's \\ interest as the number of months require. ' HI. For Days. Takesuch fractional parts of one month 9 s I interest as the number of days require. j Interest. The interest for the ...given number of years, ji months, and days, added together, will be the interest required. ' Amount. To the interest thus obtained add the principal, \\ and we have the amount. I Ex. 2. What is the interest of $1440 for 5 years, 9 months, I and 6 days, at 7 per cent. ? Ans. $581.28. \ Ex. 3. What is the amount of $1440 for 3 years, 7 months, 1 1 and 5 days, at 6 per cent. ? Ans. $1750.80, \ \ PARTIAL PAYMENTS. 177. When partial payments have been made on Notes, Bonds, and written obligations generally, the decisions of the Supreme Court of the United States, and of the Courts of most of the States, recognize the following principles : — I.
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