HOW MONEY GROWS AT INTEREST. If one dollar be invested and the interest added to the principal annually, at the rates named, we shall have the following result as the accumulation of one hundred years: One dollar, 100 years at 1 per cent, $23⁄4; 2 per cent..... One dollar, 100 years at 3 per cent, $194; 5 per cent.. $74 4 per cent..... 502 One dollar, 100 years at 1312 340 868 8 per cent.. 2,203 9 per cent. 5,513 13,809 84,675 1,174,405 15,145,000 2,551,799,404 INTEREST LAWS OF THE UNITED STATES, SHOWING DAYS OF GRACE The following data give the state, penalty of usury, legal rate, maximum rate permitted, and whether days of grace are allowed on sight, demand and time negotiable instruments. Alabama.-All interest forfeited; legal and maximum rates, 8 per cent; grace on all negotiable papers. Alaska.-Forfeiture of double interest 8 per cent: 12 per cent; grace on time paper only. Arizona.-No penalty; 6 per cent; no limit; no grace. Arkansas.-Principal and interest forfeited; 6 per cent; 10 per cent; days of grace on all negotiable papers. California.-No penalty; 7 per cent; no limit; no grace. Colorado.-No penalty; 8 per cent; no limit; no grace. Connecticut.-All interest over 6 per cent forfeited; 6 per cent; 6 per cent; no grace. Delaware.-Forfeiture of a sum equal to the money lent; 6 per cent; 6 per cent; no grace. District of Columbia.-All interest forfeited; 6 per cent; 10 per cent; no grace. Florida.-All interest forfeited; 8 per cent; 10 per cent; no grace. Georgia.--All interest over 8 per cent forfeited; 7 per cent; 8 per cent; grace on time paper only. Idaho.-Interest and 10 per cent per annum of principal forfeited; 7 per cent; 12 per cent; no grace. Illinois. All interest forfeited; 5 per cent; 7 per cent; no grace. Indiana.-All interest over 8 per cent forfeited; 6 per cent; 8 per cent; grace on sight and time instruments. Indian Territory.-Principal and interest forfeited; 6 per cent; 10 per cent; grace on all negotiable papers. Iowa.-Interest and 10 per cent per annum of principal forfeited; 6 per cent; 8 per cent; no grace. Kansas.-Forfeiture of all interest in excess of 10 per cent, and also an amount equal to the excess contracted for; 6 per cent; 10 per cent; grace on time paper only. Kentucky.-All interest over 6 per cent forfeited; 6 per cent; 6 per cent; grace on demand paper only; grace on sight and time papers. Louisiana.-All interest forfeited; 5 per cent; 8 per cent; grace on time paper only. Maine. No penalty; 6 per cent; no limit; grace on sight paper only. Maryland. All interest over 6 per cent forfeited; 6 per cent; 6 per cent; no grace. Massachusetts.-No penalty; 6 per cent; no limit; grace on sight paper only. Michigan.-All interest forfeited; 5 per cent; 7 per cent; grace on sight and time instruments. Minnesota.-All interest forfeited; 6 per cent; 10 per cent; grace on sight paper only. Mississippi.—All interest forfeited; 6 per cent; 10 per cent; grace on all negotiable instruments. Missouri.-All interest forfeited; 6 per cent; 8 per cent; grace on time paper only. Montana.-No penalty; 8 per cent; no limit; no grace. Nebraska.-All interest forfeited; 7 per cent; 10 per cent; grace on sight and time paper. Nevada.-No penalty; 7 per cent; no limit; grace on demand and time paper. New Hampshire.-Forfeiture of three times the excess interest charged; 6 per cent; 6 per cent; grace on sight paper only. New Jersey.-All interest forfeited; 6 per cent; 6 per cent; no grace. New Mexico.-Forfeiture of double the interest and fine of not less than $25 and not over $100; 6 per cent; 12 per cent; grace on all negotiable instruments. New York.-Principal and interest forfeited; 6 per cent; 6 per cent; no grace. North Carolina.-All interest forfeited; 6 per cent; 6 per cent; grace on sight and time paper. North Dakota.-All interest forfeited; 7 per cent; 12 per cent; no grace. Ohio.-Forfeiture of excess of interest; 6 per cent; 8 per cent; no grace. Oklahoma.-All interest forfeited; 6 per cent; 12 per cent; grace on all negotiable instruments. Oregon.-Principal and interest forfeited; 6 per cent; 10 per cent; no grace. Pennsylvania.-Forfeiture of excess of interest; 6 per cent; 6 per cent; no grace. Rhode Island.-No penalty; 6 per cent; no limit; grace on sight paper. South Carolina.-All interest forfeited; 7 per cent; 8 per cent; grace on sight and time instruments. South Dakota.-All interest forfeited; 7 per cent; 12 per cent; grace on all negotiable instruments. Tennessee.-Forfeiture of excess of interest, and fine; 6 per cent; 6 per cent; no grace. Texas. All interest forfeited; 6 per cent; 10 per cent; grace on sight and time paper. Utah.-No penalty; 8 per cent; no limit; no grace. Vermont.-Forfeiture of excess of interest; 6 per cent; 6 per cent; no grace. Virginia.-All interest forfeited; 6 per cent; 6 per cent; no grace. Washington.-Forfeiture of excess of interest; 6 per cent; 12 per cent; no grace. West Virginia.-All interest over 6 per cent forfeited; no grace. Wisconsin.-All interest forfeited; 6 per cent; 10 per cent; no grace. Wyoming.-All interest forfeited; 8 per cent; 12 per cent; grace on all negotiable instruments. DISCOUNT. Discount is an allowance made for the payment of money before it becomes due, and is either the interest on the debt for the time, which is called true discount, or upon such a sum as will amount to the face of the debt when due, which is called bank discount. It will be observed that by true discount the interest is considered due when the debt is due, but by bank or business discount it is considered due when the note is discounted. ESTIMATING PROFITS. In order to ascertain the profit received, it will be necessary to find the actual cost of the merchandise and then deduct the cost from the selling price, and the remainder will be the profit. There are various ways of estimating profits, and the following may be of assist ance: Rule.-Divide the gross sales by 1. (one dollar), plus the rate per cent of profit (as agreed upon), and the quotient will be present value or net cost of goods sold, then deduct net cost of goods sold from gross sales, and the remainder will be the profit. This result may also be obtained by the use of aliquot percentages. One quantity or number is said to be an aliquot part of another when it is contained in or will divide the other an exact number of times without any remainder. An aliquot number or part is one that is not contained in or will not divide the other without a remainder. Rule for ascertaining the divisor of aliquot parts of 100: Rule. Add the percentages named to 100, and then divide the sum thus obtained by the percentage given, and the dividend will be the number by which to divide the amount of sales to ascertain the profit. Rule for ascertaining profits by aliquot percentages: Rule.-Divide the total amount of sales by the divisor obtained, by the rule given above, and the quotient will be the profits on the sales; then to ascertain net cost subtract the profits from amount of sales, and the remainder will be net cost or present value. The following table of aliquot parts of 100 has been obtained by following the rule given above, and will undoubtedly prove of assistance: The aliquant process is similar to and is in reality nothing more or less than the old rule for ascertaining present value: Rule-Divide the amount of sales by 1. (one dollar), plus the rate per cent expressed decimally, and the qoutient will be the present value or cost of the merchan |