Page images
PDF
EPUB

guage). or own property assessed for not less than $300, or voter on Jan. 1, 1866, or descendant of such voter, or a foreigner naturalized prior to Jan. 1, 1898. (*) Citizen 90 days before election. (*) Bigamists disqualified. (i) Natives of China disqualified. (I) Educational qualification by which voter is required to read and understand constitution. (r) Women may vote at school elections.

In Colorado, Idaho. Utah and Wyoming women are entitled to full suffrage, having the same rights to vote as men. Women are entitled to vote at school elections in Connecticut, Illinois, Iowa, Kentucky, Massachusetts, Minnesota, Montana, Nebraska, New Jersey, New York, North Dakota, Ohio, Oregon, South Dakota, Vermont, Washington, Wisconsin and Kansas,

TABLES OF INTEREST, DISCOUNT, ETC.

INTEREST. Interest is commonly defined to be a compensation for the use of money or value, though literally it is the use of money.

The amount received or paid for interest is usually a percentage on the amount used, and is either fixed by contract or by statute. Per cent signifies by the hundred and implies, in interest, so many cents on the hundred cents, or so many dollars on the hundred dollars, etc. The usual custom is to reckon interest by the year, but it is better to express the time in the note or other instrument, as it is not necessarily understood. The following simple rule for calculating interest at 6 per cent will be of assistance.

Call every year .06, every two months .01, every six days .001, and any less days sixths of one mill; then to ascertain the interest:

Rule.-Multiply the principal by the rate per cent expressed decimally; or, cut off two figures from the right of dollars in the principal by a decimal point, and the result will be the interest for 60 days; then multiply this result by one-half the number of months required, to which add for days that proportion of the interest for 60 days, which the given number of days is of 60.

Interest Rules.-To find the interest on any sum at 3, 4, 5, 6, 742, and 10 per cent for one month:

At 3 per cent remove the decimal point two places to the left, divide by 4 and the quotient will be the interest for one month.

At 4 per cent remove the decimal point two places to the left, divide by 3 and the quotient will be the interest for one month.

At 5 per cent remove the decimal point one place to the left, divide by 24 and the quotient will be the interest for one month.

At 6 per cent remove the decimal point two places to the left, divide by 2 and the quotient will be the interest for one month.

At 742 per cent remove the decimal point one place to the left, divide by 16 and the quotient will be the interest for one month.

At 8 per cent remove the decimal point one place to the left, divide by 15 and the quotient will be the interest for one month.

At 10 per cent remove the decimal point one place to the left, divide by 12 and the quotient will be the interest for one month.

The following rules are in general use among business men, and may prove of assistance in calculating interest:

Rule.-Multiply the amount of the note or other instrument by the number of days before it becomes due, point off the right-hand figure and divide by the numbers stated in the following table: 4 per cent divide by.... 9 10 per cent divide by...36 5 per cent divide by.

12 per cent divide by. 3 6 per cent divide by... 6 15 per cent divide by...24 8 per cent divide by. . 45 18 per cent divide by. 2 9 per cent divide by.... 4 20 per cent divide by...18

The rule for casting interest, when the partial payments have been made, is to apply the payment, in the first place, to the discharge of the interest then due. If the payment exceeds the interest, the surplus goes towards discharging the principal, and the subsequent interest is to be computed on the balance of the principal remaining due. If the payment is less than the interest, the surplus of interest must not be taken to augment the principal; but interest continues on former principal until the period when the payments, taken together, exceed the interest due, and then the surplus is to be applied towards discharging the principal, and interest is to be computed on the balance.

...72

Interest Laws and Statutes of Limitations

[graphic]
[ocr errors]
[ocr errors]

*Under seal, 10 years. If made in State; if outside, 2 years. SUnless a different rate is expressly stipulated. || Under seal, 20 years. Store accounts; other accounts 3 years; accounts between merchants 5 years.

HNew York has by a recent law legalized any rate of interest on call loans of $5,000 or upward, on collateral security, Becomes dormant, but may be revived. AS Six years from last item. (a) Accounts between merchants 2 years. (6) In courts not of record ş years. (c) Witnessed 20 years. (d) Twenty years in Courts of Record: in Justice's Court 10 years. (e) Negotiatiable notes 6 years, non-negotiable 15 years. (f) Ceases to be a lien after that period. (h) On foreign judgments 1 year." (1) Is a lien on real estate for only 10 years. (k) And indefinitely by having execution issue every five years. (1) Ten years foreign, 20 years domestic. (n) Not of record 6 years. (6) Kept alive by execution every 2 years.

"LIGHTNING METHOD" FOR CALCULATING

INTEREST. WHERE THE TIME IS FOR DAYS ONLY. Rule.--To find the interest on any given sum for any number of days, multiply the principal by the number of days, then point off two places and divide as follows:

At 5 per cent divide by 72
At 6 per cent divide by 60
At 7 per cent divide by 52
At 8 per cent divide by 45
At 9 per cent divide by 40
At 10 per cent divide by 36

At 12 per cent divide by 30 Example: What is the interest on $900.00 for 8 days at 6 per cent?

Solution: 900 X 8 • 60 = $1.20 interest.

BANKERS' METHOD OF CALCULATING INTEREST.

In banking nearly all the business is transacted on the basis of 30. 60, and 90 days.

Rule.-To find the interest on any amount at 60 days, remove the decimal point two places to the left, and you have the interest at 6 per cent.

Increase or diminish according as the time is in. creased or diminished.

For 90 days add 12 of itself; for 30 days divide by 2; for 15 days divide by 4; for 120 days multiply by 2.

Example: What is the interest on $240 for 90 days at 6 per cent?

2.40 interest for 60 days.
1.20 interest for 12 of 60 days, or 30 days.

3.60 interest for 90 days.

WHEN THE TIME CONSISTS OF YEARS, MONTHS,

AND DAYS. Rule.--Reduce years to months, adding the number of months, then place 43 of the number of days to the ri of the months with a decimal point between.

Then remove the decimal point two places to the left in the principal, and divide by 2 and the result will equal the interest for one month at 6 per cent.

Multiply the interest for one month by the number of months, and the product is the interest at 6 per cent for the given time.

Then add 1-6 of itself for 7 per cent
Then add 1-3 of itself for 8 per cent
Then add 1-2 of itself for 9 per cent
Then add 2-3 of itself for 10 per cent
Subtract 1-6 of itself for 5 per cent
Subtract 1-3 of itself for 4 per cent

Example: Find the interest on $150, at 9 per cent, for 1 year, 4 months, and 12 days:

Solution: $1.50 = 2=.75 interest for 1 month, 1 year, 4 months, and 12 days — 16.4 months.

..75 X 16.4 = $12.30, interest at 6 per cent

12.30 + 6.15 = $18.45, interest at 9 per cent N. B.-The $6.15 is one-half of $12,30.

TIME AT WHICH MONEY DOUBLES AT INTEREST.

Rate Per Cent. Simple Interest. 2..

.50 years. 212.

. 40 years. 3.

33 years 4 months. 342

.28 years 208 days. 4.

. 25 years. 442.

.22 years 81 days. 5.

. 20 years. 6.

.16 years 8 months. 7.

.14 years 104 days. 8.

.1242 years. 9.

11 years 40 days. 10.

.10 years.

Compound Interest. 35 years

1 day. 28 years 26 days. 23 years 164 days. 20 years 54 days. 17 years 246 days. 15 years 273 days. 15 years 75 days. 12 years 327 days. 10 years 89 days. 9 years 2 days. 8 years 16 days. 7 years 100 days.

« PreviousContinue »