EQUATION CF PAYMENTS. I«^5 



2. What is the discount of 725I. i6s. for 5 months, at 

 3|- per cent, per annum ? Ans. iil. los. 3^d. 



3. What ready money will discliarge a debt of 13771. 

 j^s. 4(1. due 2 years^ 3 quarters and 25 days hence, dis- 

 counting at 4-|- per cent, per annum ? 



Ans. 1226I. Ss. S-d. 



EQUATION OF PAYMENTS. 



Eqitation of Payments is the finding a time fo pay at 

 once Several debts, due at different times, so that no ioss 

 shall be sustained by either party. 



RUtE.* 



Multiply each payment by the time, at Vvhich it is due j 

 then divide the sum of the products by the sum of tlic 

 payments, and the quotient will be thp time required. 



EXAMPLES. 



* This rule is founded iipoq a supposition, that tlie Pian of tlic 

 interests of the several debts, which are payable before the equated 

 time, from tlicir terms to that time, ought to be ccjiisl to the sum 

 of the interests of the debts payable after the equated time, from 

 that time to tlieir terms. Among others, that defend this prin- 

 ciple, Mr. CocKCR endeavours to prove it to be right by this ar- 

 gument : that what is gained by keeping some of the debts after 

 tiiey are due, is lost by paying others before they are due : but 

 tliis cannot be the case ; for though by keeping a debt unpaid af- 

 t^r it is due there is gain.ed the interest of it for that time, yet by 

 paying a debt before it is due tlie payer does not lose the inrcrc :: 

 for that time, tiut the discount orily, Vvhich is less than tiie inter- 

 est, and therefore the rule is not: true. 



Although 



