BORROWING FKOM BANKS 111 



EXERCISE 



Find the discount on : 



1. $875 for 10 mo. 9 da. at 6%. 



2. $350 for 7 mo. 15 da. at 6%. 



3. $890 for 9 mo. 24 da. at 6%. 



4. $370 for 2 mo. 13 da. at 6%. 



5. $365 for 19 da. at 6%. 



6. $135 for 15 mo. 12 da. at 6%. 



7. $550 for 1 yr. 4 mo. 6 da. at 6%. 



8. $1000 for 4 mo. 18 da. at 7%. 



9. $1200 for 3 mo. at 8%. 



10. $860 for 1 mo. 17 da. at 8%. 



11. $760 for 1 mo. 19 da. at 5%. 



12. $980 for 5 mo. 8 da. at 7%. 



THE DAY METHOD OF FINDING INTEREST 



133. In the Six Per Cent Method of Finding Interest it 

 was seen that one mill, or .001 of a dollar, was the interest 

 on $1 for 6 da. at 6%. Then the interest on any principal 

 at 6% for any number of days may be found by moving 

 the decimal point in the principal three places to the left 

 and multiplying by the number of days and dividing thu$ 

 result by 6. 



EXAMPLE. Find the interest on $350 for 48 da. at 6%. 



SOLUTION. Moving the decimal point three places to the left in 

 the principal, we have $0.350. Multiplying this by 48 gives $16.80 

 Dividing this result by 6 gives $2.80. 



