INTEREST. 



A Table of Siinple Intereft. 

 'I'he Iiiterell of One Pound for a Number of Years. 



77j£" Cy^ 0/ the preceding Tab!e. — When the intereft of any 

 funi of money is required for any number of days, look in 

 tUe table for the number of days, and even with tliat num- 

 bt-r, under the given rate of intereit, will be found the in- 

 tereft of one pound, for that time, and at tliat rate ; which 

 ir-tereft, fo found, being multiplied by the principal fum, 

 the prodii£l nnfwers the queftion. 



Example. — Wiiat is the intercll of 462/. for 85 days, at 

 5' per cciil. per annum ? 



la the table, even with 8, days, and under 5 per cer.l., 

 you find the intercll of il. to be .0116,438. 



"Which multiplied by the principal 462, the produft will 

 be 5/. ■js. :^d. 



N.B. If the principal fums contain {hillings and pence, 

 you muflr reduce them into decimal parts, and multiply ac- 

 cordingly. 



When the intereft of any fum is required for a number 

 of years and days together, as it frequently happens upon 

 paying off a bond or mortgage, add the intcreil of one 

 pound for the years at the end of the foregoing table, to 

 the intercfl. of one pound for the odd days; multiply that 

 by the principal fum, and the produdl will anfwer the 

 quedion. 



By the aflillance of the following table the intereft of 

 any fum of money may be obtained, from a million to a 

 ;.ouirJ, for anv number of days, at anv rate of intercll. 



Multiply the fum by the number of days, and the pro- 

 dudl thereof by the rate of intereft />(■/• cent, then cut off the 

 two laft figures to the right hand, and enter the table with 

 what remains to the left ; againll which numbers colljfted, 

 you have the intereft for the given fum. 



Example.— Vlh&lis the intereft of 100/. at ^!. percent, for 

 365 days ? 



£. s. d. q. 

 N". of days 365 f Then in the table 



Mult, by 100 \ againft loco is 2 14 9 2.14 



Product - 36500 Soo - 2 3 10 O.II 



Mult, by - 5 rate per cent. 20-01 I o.6o 



1825 j^nf. 500 0.00 



the intereft required. See Smart's Tables. Fergufon's 

 Trafts, &c. For the method of calculating annuities, fee 

 Annuities. 



IsTKREST Compound, is that which is counted both from 

 the principal, and the fimple intereft forborn ; called alio 

 interejl upon intereji. 



Compound intereft arifes from the principal and its intereft 

 put together, as that intereft becomes due. To find this, it 

 is neceflary to find the new principal, which is ftill created 

 by the increafe of the growing money, at the feveral times 

 when the payments of intereft were due. 



Although it be not lawful to lend m.oney at compound 

 intereft, yet in purchafing amiuities, penfions, reverfions, 

 &c., it is ufual to allow compound interell to the purchafer 

 for his ready money ; and, llieieforc, it is very iiecefrary to 

 underftand this fubjedl. Let p, r, n, and m, be as before ; 



and 



