^ .^^ WX. $% Vi /a er /^ IMAGE EVALUATION TEST TARGET (MT-3) 1.0 1^128 |2.5 S^ IS u US 1.25 ut 2.0 1.8 U IIIIII.6 y fe lA fA ^ ;{v ^<^> The following Tables are an extension of a set published in the Canadian Almanac for 1870, which gave the values from 1 to 12 years for rates of interest per cent, per annum 10, 10^, 11, IH, 13 payable half-yearly. In the present set, the time runs up to 20 years, and the rates are 8, 9, 10, 11, 12, 13 ; with aome additional Tables which seemed likely to be of use. t^ <> ^ EXPLANATION AND USE OF THE TABLES. ^> "When a loan is contractod to be repaid (principal and interest) by equal instalments extending over a term of years, the following tables will give the amount of the instahnent, monthly, quarterly, half-yearly, or j-early, for various rates of interest, and will also give the present worth or surrender value of the instalments for any unexpired portion of the term. As interest is in this country generally jiayablo half-yearly, tho half-yearly rate has been taken as the basis, and the calculations are made on the true yearly rate correspondiii:;- and not tho nominal rate. Tlius 1(> per cent, per annum, payable half-yearly, is understood to mean 5 per cent, per half-year, the true yearly rate in this case being 10^^; for, $100 being put out for one year at 5 per cent, per half-year, would amount at the end of the year to $110.25. Both tho true and the nominal rates for the various periods are given in a foot note to each table. (1.) Table I. gives tho instahnent payable at tho end of each raontli, quarter, half-year, or year, to repay a loan of $1,000 in au}^ period from 1 to 20 years. These instalments are given exact to tho nearest cent above the true value when the dlfforence exceeds one-tenth of a cent. (2.) Table 11. gives the present value of an instalment of $1 payable at the end of each month, quarter, half-year, or year, during any nund)er of years from 1 to 20. B}' aid of this table, the present value o. ^n instalment for an exact number of years is at once found by multiplying the instal. ment by the corresponding number in the table. Example. — Interest at 10 per cent, per annum, payable half- yearly. An instalment of $20 is payable at the end of each month for 1 years: required, the i)rescnt value. 6 EXPLANATION AND USE OF THE TABLES. No, corresponding in Tabic II 60.6 1Y4 Instnlrnent 20 Present value $1 2 1 '2.35 ^-^ \*' (3.) Table III. gives the present value of %\ due at the end of any number of months from 1 to 12. By aid of this Table and Table II., tlie present value of an instalment for a broken period of a number of years and some months can be found — as follows : From Table II. take the present value of an instalment of *1 for the named number of years, and discount it for the number of months by multiplying it by the factor corresponding to that number of months in Tabic III.; then add to it tiie present values taken from Table III. of the several instalments of $1, payable during the broken period of months, and multiply the final sum by the given instalment. Example 1. — Interest at 10 per cent, per annum, payable half- yearly A yearly instalment of |5U0 has 8 years and 9 months to run : required, its present value. From Table II., present value of $1 for 3 years 2.47695 Multiply this by the factor for 9 months from Table III. 0.9294284 giving 2.3U1218 Add the present value of an instalment %\ due at the cud of 9 months, from Table III 0.929 128 3.230G46 Multiply the instalment ^600 by this number, giving Present value .... fll 615.32 Example 2. — Same rate. A liulf-vearlv instalment of ^250 has G year.s and 11 months to run: required, its present value. From Table 11., present value of half-yearly instalment $1 for G years 8.8632 Multiply this by the factor for 11 months from Table III. 0.9144350 giving 8.10482 >;►.» EXPLANATION AND USE OF THE TABLES. 7 Brought forward 8.10482 AJd the present vnhic of nn Instftlmcnt $1 duo at the end of 5 months, from Table III 0.90018 And the present vahie of nn instahnent $1 due at the end of 11 months 0.01443 9.97941 Multiply the instalment $260 by this number, giving Present value |2404.85 ExAMPLR 3. — Required the present value of a quarterly instal- ment of §100, unexpired period being 7 years and 5 months* interest at 11 per cent, per annum, payable half-yearly. From Table 11., present value of instalment of $1 for 7 years, is 19.4396 Multiply this by the factor for 6 mos., from Table III. 0.95fi3C33 giving 18.5912 Add the present value of $1 duo at end of 2 months. . 0.9823 And the present value of .$1 duo at end of 5 months. . 0.9564 giving 20.6299 Multiply the instalment ^100 by this number, giving. . Present value $2052 . 99 In the same way by aid of these two Tables, the present value of a monthly instalment for a broken period may bo found, but this will be more conveniently effected by Table IV. (4.) Table IV. gives the present values of a monthly instalment for any number of months not cx'ceeding a year. By aid of this and the previous tables, the present value of a monthly instalment for a broken period of a number of jears and some months can be found, as follows : From Table II. take the present value of an instalment of $1 for the named number of years, and discount it for the number of months by multiplying it by the factor corresponding to that iiumber of months in Table III ; then add the present value of an instalment of .<;1 from Table IV. for the number of months, and multiply the final sum by the given instalment. Example. — Interest 10 per cent, per annum, payable half-yearly. An instalment of $12.50 per month has 4 years and 8 months to run: required, its present value. >. 8 EXPLANATION AND USE OF THE TABLES. Present vnlno of monthly instnlrnont $1 for 4 j'onrs, from Tablo II V.0.6105 Multiply this Ly tho factor for 8 months, from TublolII. o.U.'nunt, n'lvin^' 37.0860 Add present value of monthly instuhnent of §^l for 8 mouths, from Table IV 7.7139 44.8U05 Multiply tho instalment $12.60 by this number, uiving rresent value. . . . $600.01 (5.) Table V. gives tho amount with interest of $1 after any number of months from I to 12. lly aid of thia and Table II., the present value of an instalment for a broken period of a number of years and some months can r.lso be found, as follows: From Tablo II. take tho present value of nn iiistalnipnt of $1 fop the nuiubcr of years next , interest at 6 per cent, per annum, ha3 7 years and 10 montiis to run: find its present value, interest at 10 per cent, per annum, payable half-yearly. The interest, $300, may be considered a yearly instalment. The present value of yearly instalment of $1 for 1 years, from Table II, is 4 . 82860 Multiply this by the factor for 10 months from Table III. . 9219014 giving 4.451491 Add the present value of the instalment of $1 due at the end of 10 mouths . 921 901 giving 5. 378^93 Multiply the instalment $300 by this number, giving Present value $1,G12 02 Again : multiply the principal, .?5,000, by the factor for 7 years from Table VUI, 0.5050679, giving 2525.84 Multiply this by the factor for 10 mos. from Table III. 0.9219014 giving !C.2,328 11 Adding these results, the present value required is $^3,940 13 Ex. 2.— A mortgage of $4,000, interest at 5 per cent, per annum, payable half-yearly, has 17 years and 8 months to run: fina ita present value, interest 10 per cent, per annum, payable half-yearly. The interest, $100, will be considered a half-yearly instalment. The present value of a half-yearly instalment of |1 for 17 years, from Table II, is 16 . 1 929 Multiply this by the factor for 8 months, from Table III. . 9370174 giving 15.17303 Add the present value of instalment of $1 due at end of 2 months, from Table III . 98387 And the present value of the stime, due at end of 8 mos. . 93702 givinij 17.09393 12 EXPLANATION AND USE OF THE TABLES, Multiply the interest, $100, by this number, giving;. . . $1,709 89 The present value of the principal, 84,000, due 17 years and 8 months hcucc, is found, in the last example but one, to be $713 46 Adding these two results, we find the present value- required to bo $2,422 85 (9). Sometimes the borrower may wish to pay off part of his debt by a lump sum at some time during tiie running of his pay- ments. In this case, having calculated the present value of his future payments, deduct from it the sum he pays down, and consi- der the remainder as a now loan. If the borrower wishes to con- tinue his payments at a reduced rate for Mie same period, the new rate of instalment can be obtained at once from Table I, when the period is an exact number of years; but if he wishes to continue to pay the same amount of instalment, reducing the period during which the payments are to continue, obtain from Tables II. and III. the period which will give for that instalment a present value next less than the above-mentioned remainder; take the difference between tliis present value and such remainder; this differ"nce improved for the period at the given rate of interest will be an additional sura, which he must pa}- along with the final instalment to clear the account. To obtain this ditference so improved, if for a broken period of a number of years and some months, divide the difference by the factor corresponding to the number of j'cars ia Table VIII, and then divide this quotient by the factor correspond- ing to the number of months in Table III. ExAMPLK 1, — Interest at 10 per cent, per annum, payable half- yearly. A monthly instalment of ^20 as a loan has 6 years to run, and the borrower wishes to pay down §500 along with his instal' ment: to find the reduced instalment for the remaining period. The present value of the instalments from Table II $945 73 Deduct 500 00 Remainder 445 73 Multiply this by the number for o years from Table I, 21.15, Rud dividing by 1000, we obtain $9 43 fo^ the reduced instalment, i % 1 't I EXPLANATION AND USE OF THE TABLES, 13 Example 2. — Interest .'is abovo. A monthly instalment of $10 has 1 years and 3 months to run, and the borrower wishes to pay down along with his instalment $200: to find the reduction in the period. Present value of instalments, found as in (3) $621 08 Deduct 200 00 Remainder 421 08 The present value of a monthly instalment, $10, ia now to be found, which is next below |421 08 in the Tables. From Table 11. it is seen that the presen value of a monthly instalment of $10 for 4 years is $395 80, and on trial with Table Ilf. it is found that the present value of an instalment of $10 for a period of 4 years and 3 months is $415 78, and is the next below the given remainder $421 08. Hence the period required is 4 years and 3 months, and the remaining difference $5 30, amounting in this period to $8 03, leaves this additional sum to be paid along with the final Instalment. (10). Given the loan, the instalment, and the number of years for repayment: it is required to determine the rate of interest. AVhen the instalment for $1,000 lies between two values in the Tables, an approximate value of the rate of interest can at once be obtained by interpolation, and this will in general be near enough for practical purposes ; or from tins approximate value, closer and closer values may be obtained by the method of " trial and error," or " double position." When the instalment for $1,000 is beyond the Tables, the method of proceeding will be found in the Appeadij{. m U Interest 8 per Cent, peii Annum, Payable Half-yearly. TABLE T. Instalments to repay a Loan of ^1000 in the named number of years, payable Years. Yearly. Half-yearly. Quarterly. Monthly. Years. 1 1081.60 630.20 262.50 86.93 1 2 662.00 275.49 186.40 45.17 2 3 S89.16 190.77 94.45 31 28 3 4 308.00 148.53 73.64 24.36 4 5 251.52 123.29 61.04 20.22 6 6 217.87 106.66 52.76 17.47 7 193.13 94.67 46.87 15.63 1 8 175.08 85.82 42.49 14. ^^7 8 9 161.15 79.00 39.11 12.96 9 10 150.11 73.59 36 43 12.07 10 11 141.17 69.20 34.26 11.85 11 12 133.80 05.59 82.48 10.76 12 13 127.64 62.57 30.98 10.26 13 U 122.43 60.02 29.72 9.84 14 16 117.98 67.83 28.64 9.49 15 16 114.14 65.95 27.70 9.18 16 17 110.81 54.32 26.90 8.91 17 18 107.89 52.89 26.19 8.68 18 19 105.33 61.64 25.51 8.47 19 20 103.07 60.53 25.02 8.29 20 Nominal Rates of Intkrest : 8 per cent, per annum payable half-yearly ; 7.921G per cent, per annum payable ijuarterly; 7.8708 percent, per annum payable monthly. Actual IIATE3 : 8.16 per cent, per annum ; 4 per cent, per half-year ; 1.980^ percent, per quarter; 0.6559 per cent, per month, J 1 15 Interest 8 per Cent, per Annum, Payabt.e Half-ybarlt. ii M' TABLE II. Present Value of Instalment of %\ payahle Years. Yearly. Half-Yearly. Quarterly, Monthly. Years. 1 0.92466 1.8S61 3.8095 11.5037 1 2 1.77936 3.6299 7.3317 22.1396 2 8 2.56968 5.2421 10.5881 31.9730 3 4 8.30037 6.7327 13.5988 41.0646 4 5 3 97593 8.1109 16.3824 49.4703 6 6 4.60053 9.3851 18.9560 67.2418 6 7 5.17800 10 5631 21.3354 64.4270 7 8 5.71191 11.6523 23.5353 71.0701 8 9 6.20554 12.6593 25.5693 77.2121 9 10 6.66192 13.5903 27.4498 82.8906 10 11 7.08388 14.4511 29.1884 88.1408 11 12 7.47400 15.2470 80.79i'9 92.9948 12 13 7.83469 15.9828 32.2821 97.4827 13 14 8.16S17 16 6631 r3.6561 101.6320 14 15 8.47649 17.2920 34.9265 105.4682 15 16 8.76154 17.8735 36.1011 109.0150 16 17 9.02510 18.4112 37.1870 112.2943 17 18 9.26876 18.9083 33.1910 115.3261 18 19 9.49405 19.3679 39.1193 118.1292 19 20 9 . 70234 19.7928 39.9775 120.7208 20 16 Interest 8 per Cent, per Annum, Payable Haly-tearlt. TABLE III. Present value of $1 due any number of months, 1 to 12. after from Months, i Present Value. 1 0.9934845 2 0.9870115 8 . 0805808 4 0.9741915 5 0.9678443 6 0.9615386 7 0.9552736 8 0.9490496 9 0.9428660 10 0.9367229 11 0.9306197 12 0.9245563 TABLE IV. The present value of an Instal- ment of^l, pay able at the end of each month during the named nwnbtr of months. Months. Present Value. 1 0.993485 2 1.9S0496 3 2.961077 4 8.935268 5 4.903113 6 6.864651 7 ^•819925 8 7.768974 9 8.711840 10 9.648563 11 10.579183 12 11.503739 i 17 Interest 8 per Cent, per Annum, Patablb Half-yearly. TABLE V. Amount of ^1 in any number of months, from 1 ^o 12. Months. 1 2 8 4 5 6 7 8 9 10 11 12 Amounts. 1.006559 1.013160 1.019804 1.026492 1.03.3225 1.040000 1.046820 1.053685 1.060596 1.067552 1.074552 1.081600 TABLE VL Amonut at the cud of any number of mon/hx. froin. 1 to 12, of a Mouthlji 7n.st5 Interest 10 teu Cent, peh Annum, Payable IIalf-Yeakly . TABLE II. Present Value of Instalment of %\ payable V' Years. Yearly. Half-Yearly. Quarterly. Monthly. Years. ,1 1 0.90703 1.8594 1 3.7647 11.3S67 1 2 1.72973 3.5460 7.1795 21.7147 2 3 2.47595 5.0757 10.2767 31.0826 3 4 3. 15279 6.4632 13.0860 39.5795 4 5 3.70G70 7.7217 15.6342 47.2865 5 6 4.32354 8.8632 17.9454 54.2769 6 7 4.82800 9.8986 20 0417 60.6174 7 8 5.28672 10.8378 21.9432 66.3685 8 9 5.70224 11.6896 23.6679 71.5848 9 10 6.07913 12.4622 25.28-22 76.3163 10 11 6.42098 13.1630 26.6511 80.6078 11 12 6.73104 13.7986 27 9381 84 . 5003 12 13 7.01229 14.3752 29.1054 88.0310 13 14 7.20738 14.8981 30.1642 91.2334 14 15 7.49876 15 3725 31.1245 94.1380 15 16 7.70862 15.8027 31.9956 96.7726 16 17 7.89898 16.1929 32.7857 99.1623 17 18 8.07163 16.6469 33.5023 101.3298 18 19 8.22824 16.8679 34.1523 103.2958 19 20 8 37029 17.1591 34.7419 105.0790 20 •i 26 Interest 10 per Cent. PER Annum. Payaptt^ tt , TABLE III. Preseni value of $i am after Months. Present Vulii es. 1 2 3 4 5 6 7 8 9 10 11 12 0.901 'JO 13 0.9838680 0.9759000 0.9679964 0.9601569 0.9623S09 0.9446679 0.9370174 0.9294284 0.9219014 0.9144350 0.9070294 TABLE IV. The prmmt value of an InsiaJ y^^\n^,paj,a/leahtend ^^^^niber of mouilis. .Months. Present Val lies. 3 4 5 6 7 8 9 10 11 12 0.991901 1.975769 2.951669 3.919666 4.879823 5.832203 6.776871 7.713889 8.643317 0.665219 ^0.479654 11.386683 -^T^T-TBAELT, 27 Interest 10 peu Cent, peu Anxhm, P.vablb HALP-.EABLr. IV. of an Instal '^^G at the end '^^'[f the named s. '' Values. 51901 ^5769 '1669 9666 9823 i203 i87l 8S9 317 219 554 183 TABLE Y, Amount of $1 hi any number of niouth!^ from \ to \ 2. Aronths, Amounts. 1 1.00S165 2 1 016397 3 1.024695 4 1.033062 5 1.041496 6 1.050000 7 1.058573 8 1.067216 9 1.075930 10 1.084714 11 1.093571 12 1.102500 TABLE VL Amount at tJieendofanynumhtr of months from 1 to' 12, of a monthl,/ instalment of i^l paid at the end of each month during that period. Months. Amounts. 1 1.000000 2 2.008165 3 3.024562 4 4.049257 5 5.082319 •6 6.123S15 7 '7.173815 8 8.232388 9 9 299604 10 10.375534 11 11.460248 12 12.553819 28 Interest 10 per Cent, per Annum, Payable Half-yearly. TABLE VIT. Amount at the end of any number of quarters from 1 to 4 of a qnarterhi instalment of .$1, paid at the end of each quarter dur- ing that period. Qrs. Amounts. 1 2 3 4 1.000000 2.024695 3.074695 4.150624 TABLE VIIL Present value of %\ due at the end of any number of years, from 1 to 20. 1 Yrs. Present Values. Yrs. Present Values. 1 0.9070295 11 0.3418499 2 0.8227025 12 0.3100679 3 0.7462154 13 0.2812407 4 0.6768394 14 2550936 5 0.6139132 1 15 0.2313774 • 6 0.5568374 16 0.2098662 7 0.5050679 17 0.1903548 8 0.4581115 18 0.172i;574 9 0.4155206 19 0.1566054 10 0.3768895 20 0.1420457 29 4 Interest 11 per Cent, per Annum, Payable Half-yearly. TABLE I. Instalmentu to repaij a Loan o/'^lOOD in the named number of years, payable Years. Yearly. Half-yearly. Quarterly. Monthly. Years. 1 ' 1 1113.03 541.62 267.19 88.27 1 2 586.29 285.30 140.74 46.50 o 3 411.37 200 18 98.75 32.63 8 4 324.42 157.87 77. 88 25.73 4 5 272.64 132.67 65.45 21.63 6 6 238.44 116.03 57.24 18.91 6 n 214.30 104.28 51.45 17.00 7 8 196.43 95.59 47.16 15.58 8 9 182.74 88.92 43.87 14.50 9 10 171.97 83.68 41.28 13.64 10 11 163.32 79.48 39.21 12.96 11 12 156.26 76.04 87.51 12.40 12 13 150.42 73.20 36.11 11.93 13 U 145.53 70.82 34.94 11.54 14 15 141.40 68 81 33 . 95 11.22 15 16 137.88 67.10 33.10 10.94 16 17 134.87 65.63 32.38 10.70 17 18 132.28 64.37 81.76 10.49 18 19 130.03 63.28 81.22 10.32 19 20 128.07 62.32 30.75 10.16 20 Nominal Rate op Interest : 11 per cent, per annum payable half-yearly ; 10.85'27G per cent, per auuuin payable quarterly ; 10.75008 per cent, per annum payable montlily. Actual Rate: 11.30-25 per cent, per annum ; 5i per cent, per half-year; 2.71319 per cent, per quarter ; 0.89634 per cent, per month. I B 30 Interest 11 per Cent, per Annum, Payable Half-yearly. TABLE II. Present Value of Inatahacnt of §1 ■paijahle Years Yearly. llLilf-Yearly. Quarterly. Monthly. Years. 1 0.89845 1.8463 3.7427 11.3291 1 2 1.Y056Y 3.5052 7.1054 21.5078 2 8 2.43092 4.9955 10.1266 30.6529 3 ^ 4 3.08-252 . 33 15 12.8410 38.8693 1 4 5 3.G6795 7.5376 15.2798 46.2514 5 6 4.19393 8.6185 17.4709 52.8838 6 Y 4.66650 9.5897 19.4395 58.8427 7 8 5.09108 10.4622 21.2082 64.1965 8 9 5.4Y254 11.2461 22.7973 69.0067 9 10 5.81527 11.9504 24.2250 73.3284 10 11 6.12320 12.5832 25.6077 77.2112 11 12 6.39986 18.1517 26.6602 80.6997 12 13 6.64841 13.6625 27.6957 83.8340 13 U 6.87174 14.1214 28.6260 86.6500 14 15 7.07238 14.5337 29 4618 89.1801 15 16 7.252G5 14.9042 30.2128 91.4532 16 lY 7.41461 15.2370 30.8875 93.4955 17 18 7.56013 15.5361 31.4937 95.3304 18 19 7.69087 15.8047 32.0S83 96.9790 19 20 7.80833 16.0461 32.5276 98.4601 20 " o 31 Interest 11 pek Cent, per Annum, Payable IIaly-ye AULY. TABLE III. Prexput value of §!I due after ani) number of monlh^ from 1 to 12. tablp: IV. IVie prese7it value of an In.ttal- nient of$l, jxiyahle at the end of each month during the named nwnbi r of vionthn. Montlis 1 Present Value. ' Months 1 ' Prt'seiit Value. 1 0.99111H2 i 1 1 0.991116 2 0.98231U 1 i 2 1.973-128 3 0.9785848 3 2.947012 4 9649350 4 3.911948 5 0.9 5 CSC),'] 3 5 4.868311 6 0. 9478673 6 5.816179 t n 0.9394467 7 0.755625 8 0.9311009 8 7.086726 9 0.9228292 9 8.609555 10 0.9146310 10 9.524186 11 0.9065056 11 10.430692 12 0.S9S4524 i_ 12 11.329144 1 i ,ifr- 32 ISTEUEST 11 PEK CeNT. VFAi AnNU.M, PaYABLE HALF-YEARLY. TABLF. V. Amount of $1 in any wimher of months from 1 to 12. 1 Mvoutlis. Amounts. 1 1.008963 2 1.018008 8 1.027132 4 1.03H338 5 1.045628 6 1.055000 1 1.064456 8 1.073997 9 1.083624 10 1.093387 11 1.103137 12 1.113025 TABLE VI. Amount at the end of any nnmher of vioiitliK, from 1 ^o 12, of a monthly InHtnlment of :«sl, puid at the Old of each month during that period. Months, Amounts. 1 1.000000 2 2.0089G3 3 1 3.026971 4 4.054103 5 5.090441 6 6.136069 7 7.191069 8 8.255525 9 9.329522 10 10.413146 11 11.506483 12 12.609620 1 V 33 Interest 11 per Cent, per Annum, Payable IIalf- YEARLY. TABLE Vir. Amount at the end of any number of quartern, from 1 to 4, of a quarterly Imlalment of $1, paid at the end of each quarter dur- ing that period. Q s. 1 2 3 4 Amounts. 1.000000 2.027132 3.082132 4.165756 TABLE Vin. Present value of $1 due at the end of any number of years from I to 20. 1 2 3 4 5 6 7 8 9 10 0.8072162 0.7252458 0.6515982 0.5854305 0.5259816 0.4725693 0.4245811 0.3814659 0.3427290 12 13 14 15 16 17 18 19 20 0.3079256 0.2766566 0.2485627 0.2233218 0.2006440 0.1802691 0.1G19632 0.14551G2 0.1307394 0.117^i631 V I 34 Interest 12 per Cest. per Annum, Payable Half-yearly. TABLE I. Instalments to repay a Lodn of f 1000, in the named unmbcr of i/ears, payable Years. Yoarly. Half-yearly. Qunrterly. Monthly. Years. 1 1123.60 545.44 268.75 88.72 1 2 594.50 288.60 142.20 46.94 2 8 418.93 203 . 37 100.21 33.08 8 4 831.74 101.04 79.35 26.20 4 5 279.89 135.87 06.95 22.10 5 6 215.72 119.28 58.77 19.40 6 7 221.03 107.59 53.01 17.50 7 8 203.85 98.90 48.70 16.10 8 . 9 190.20 92 . 30 45.51 15.03 9 10 170.61 87.19 42.90 14.19 10 11 171. OS 83.05 40.92 13.51 11 12 161.14 79.08 39.26 12.96 12 13 158.43 76.91 37 90 12.51 13 U 153.06 74.00 30.70 '.2.14 14 15 140.06 72.05 35 . 80 11.82 15 IG 140.27 71.01 34 . 99 11.55 10 17 143.38 09 GO 34.30 11.32 17 18 140.90 08.40 33.70 11.13 18 19 138.76 07.38 83.19 10.90 19 20 136.91 66.47 32.75 10.81 20 Nominal Rates of Interest : 12 per cent per annum, payable half-yearly ; 11.8252 per cent, per anuuin, payable quarterly ; 11.71006 per cent, per annum, payable monthly. Actual Rate.s : 12.36 per cent, per annum; G per cent, per half-year; 2.9663 per cent, per quarter ; 0.975SS per cent, per niontli. 36 Interest 12 per Cent, per Annum, Payable Halp-ykarlt. TABLE II. Present Value of Instalment of %\ payable Years. Yearly. Half-Yearly. Quarterly. 3Ionthly. Years, 1 0.89000 1.8334 3.7210 11.2722 1 •• 1.G8209 3.4651 7.0326 21.3045 2 8 2.38706 4.9173 9 . 9800 30.2332 8 4 3.01446 6.2098 12.6032 38.1797 4 5 8.57286 7.3601 14.9378 45.2520 5 G 4.06983 8.3838 17.0155 51.5464 6 1 4. 01213 9.2950 18.8ti48 57.1484 7 8 4.90577 10.1059 20.5106 62.1341 8 9 5.25G12 10.8276 21.9753 66.5714 9 10 5.56792 11.4699 23.2789 70.5205 10 11 5.84543 12.0416 24.4392 74.0353 11 12 6.09241 12.5504 25.4717 77.1634 12 13 6.31222 13.0032 26.3908 79.9474 13 14 6.50785 13 4062 27.2087 82.4251 14 15 6.68196 13.7648 27.9806 84.6303 15 1(3 6.83091 14.0840 28.5845 86 . 5929 16 17 6.97483 14.3681 29.1611 88.3397 17 18 7.09757 14.0210 29.6742 89.8942 18 19 7.20681 14.84G0 30.1309 91.2778 19 20 7.30403 15.0463 30.5o74 92.5092 20 3G IlfTERHST 12 PER CeNT. PER AnXCM, PaYABLE HaL7-TEARLT. TABLE III. Present value of %\ due after any number of montJia, from 1 to 12. TABLE IV. The present value of an Instal- ment of ■$,1, nm/afile at the end of each month during the named number of months. Months Present Values. Months. Present Values, 1 0.9903356 1 0.990836 2 0.9807645 2 1.971100 3 0.9712868 3 2.942386 4 0.9618989 4 8.904285 5 0.9526026 5 4.856887 6 9433960 6 6.800283 1 0.9342786 7 6.734562 8 0.9252495 8 7.659812 9 0.9163074 9 8.576119 10 0.9074517 10 9.483571 11 0,8986816 11 10.382252 12 1 0.8S99965 _ _. .2 11.272249 '* t %i 37 I.T. Interest 12 per Cent, per Annum, Payable Ha LP-YEARLY. led '» ■ TABLE V. Amount of $1 in any number of months, from 1 to 12. Months. 1 2 3 4 6' 6 7 8 9 10 11 12 Amounts. 1.009759 1.019612 1.029662 1.039610 1.049756 1.060000 1.070344 1.080789 1.091338 1.101987 1.112741 1.123600 TABLE VL Amount at the end of any number of months, from 1 to 12, of a Monthly Instalment of$l, paid at the end of each month during that period. Months. Amounts. 1 1.000000 2 2.009759 3 8.029371 4 4.058933 5 6.098543 6 6.148299 7 7.208299 8 8.278643 9 9.359432 10 10.450770 11 11.552757 12 12.666498 %k 38 Interest 12 per Cent, per Annum, Payable Half-yearly. TABLE VII. Amount at the end of any number of quarters, from 1 to 4, of a quarterly luHtalmeut of %\, paid at the end of each quarter dar- ing that period. Qrs. 1 2 3 4 1 Amouiits. 1.000000 2.029562 3.089562 4.180900 — ■ — ■— -■ TABLE VIII. FrewU Value of %\ due at the end of any number of yearn, from 1 to 20. Yrs. 1 2 3 4 5 6 7 8 9 10 Present Values. 0.889996 0.792094 0.704961 0.627-112 0.558395 0.496969 0.442301 0.393646 0.350344 0.311805 Yrs, Present Values, 11 12 13 11 15 16 17 18 19 20 0.277505 0.246979 0.219810 0.195630 0.174110 0.154957 0.137912 0.122741 0.109239 0.097222 39 Intekest 13 PER Cent, per Annum, Payable Half-yearly. TABLE I. Instalments to repay a Loan of $1000 hi the named mimber of years, payable Years. Yearly. Half-yearly. Quarterly. Monthly. Years. 1 1134.23 649 . 27 270.31 89.16 1 2 602.18 291.91 143.66 47.39 2 3 426.57 206.57 101.66 • 33 54 3 4 339.15' 164.24 80.83 26.66 4 5 287.26 139.11 68.46 22.58 5 6 253.11 122.57 60.32 19.90 6 1 229.10 110.94 54.60 18.01 7 8 211.41 102.38 50.39 16. G2 8 9 107.04 95.86 47.18 15.56 9 10 187.42 90.76 44 67 14.74 10 11 170.02 86.70 42.67 14.^8 11 12 172.22 83.40 41.05 13.54 12 Hi 166.04 80.70 39.72 13.10 13 U 162.01 78,46 38.61 12.74 14 15 158.14 76.58 37.09 12.43 15 , 16 154.87 75.00 36.91 12.18 16 17 152.10 73.66 36.25 11.06 17 18 140.74 72.52 35.60 11.77 18 19 147. 72 71.54 35.21 11.62 19 20 145.99 70.70 34.79 11.48 20 Nominal Rates of Interest : 13 jier cent, per annum payable half-yearly ; 12.795G per cent, per annum payable quarterly ; 1^.(3012 per cent, per annum payable uiontlilj'. Actual Rates : 13.4225 per cent, per annum ; 6J per cent, per half-year; 3. lt»S9 ppr cent, per quarter ; 1 .05.51 per cent, per mouth, h i' 40 Interest 13 per Cent, per Annum, Payable Half-yearly. ] TABLE 11. Present value of Instalment of $1 payable Years. Yearly. Half-yearly. Quarterly. Monthly. Years. 1 0.88166 1.8206 3.6995 11.2160 1 2 1.65898 3.4258 6.9612 21.1047 2 3 2.34432 4.8410 9.8369 29.8231 8 . 4 2.94855 6.0888 12.3723 37.5098 4 5 3.48127 7.1888 14.6076 44.2869 5 6 3.95096 8.1587 16.5784 60.2619 6 1 4.S6506 9.0138 18.3160 55.5299 7 8 4.73015 9.7678 19.8480 60.1744 8 9 5.05204 10.4325 21.1987 64.2693 9 10 5.33584 11.0185 22.3895 67.8796 10 11 5.58605 11.5352 23.4394 71.0627 11 12 5.80665 11.9907 24.3650 73.8691 12 13 6.00115 12.39t!4 25.1812 76.3433 13 14 6.1V263 12.7465 25 . 9007 78.5248 14 15 6.32381 13.0587 26.5351 80.4481 15 16 6.45711 13.3339 27.0944 82.1438 16 n 6.57463 13.5766 27.5876 83.6388 17 18 6.67824 13 7900 28 0223 84.9569 18 19 6.76959 13.9792 28 4056 86.1191 19 20 6.85013 14.1455 28.7436 87.1437 20 41 LY. Interest 13 pek Cent, per Annum, Payable Half-yearly. i* TABLE III. Present value af $1 due after ani; number of months, from 1 to 12. Months. Present Value. 1 0.9895592 2 0.9792270 3 0.9690032 4 0.9588859 5 0.9488743 6 0.9389672 Y 0.9291635 8 0.9194623 9 0.9098622 10 0.9003621 11 0.8909618 12 0.8816594 TABLE IV. Tlie present valve of an Indal- vicnt of $1, pnynhle at the end or each month dnrhig the named number of moiithft. Months. Present Values. 1 989559 2 1.968786 8 2.937789 4 3.896675 6 4.845550 6 5.784517 1 6.713680 8 7.633143 9 8.543005 10 9.443367 11 10.334329 12 11.215988 !i 42 Interest 13 per Cent, per Annum, Payable IIalf-ye ARLY. TABLE VL AN Amount c moi TABLE V. / |1 in any nnmhc dhs from, \ to 1 2. Amount at the end of any number of montha, from 1 to VI, of a ^ of Month} y Inkahnoit of s ] , paid at the end of each month during - that period. ^fontlis 1 Amounts. « 1.010551 li Moiitlis Amounts. 1 / 2 1 021213 1 1.000000 8 l.Uai9S9 2 2.010551 • 4 1.042876 3 3.031704 5 1.05.S8SI 4 4.063753 ^ . 6 1.065000 5 5.106620 1 1.076237 6 6.160510 8 1.087593 7 7.225510 9 3.0990G8 8 8.301747 10 1.110665 9 9.389340 » 11 1.122383 10 10.488408 12 1.134225 1 1 11 12 11.599073 12.721450 43 LY. Interest 13 prr Cemt. per Axnum, Payable Half-yearly. ■ ber * a lid TABLE VI r. Amount at the end of mn/ number of quartcm, from i to 4, of a qnarterhi Insfahneni of ^1, paid at the end. of each quarter dur- ing that period. Qrs. Amounts. 1 1.000000 2 2.031989 3 3.096989 4 4.19G057 TABLE Vin. Prcseent value o/$l due at the end of any number of years from 1 to 20. Yrs. Present Values. 1 0.881639 2 0.'77Y.'}23 3 0.G85334 4 O.G04231 5 0.532726 6 0.469683 1 0.414100 8 0.365095 9 0.321890 10 0.283797 Yrs. Pre.sent Values. 11 12 13 14 15 16 17 18 19 20 0. '-'50212 0.220602 0.194496 0.171479 0.151186 0.133295 0.117520 0.103611 0.091351 0.080541 ' *^ i i» APPENDIX. ' *^ <. Note I. — If i is the yearly rate of interest per unit, and B = 1 -|- i, the amount (J/) of a sum P in n years is given by M= PR"" and the present value (P) of a sura (i/) due n years hence is given by P=J/P-". In these formulas n may be integral or fractional ; thus, the amount of 1 in the j^th part of a year is Rp, and the rate of interest per the pi\\ part of the year is Rp — 1. Hence the rate per half-year is P — 1. (( " quarter is P — 1. " month isP"— 1. But if i is the nominal yearly rate of interest per unit, payable/) times a year, meaning thereby that - is the interest payable at the end of each jt>th part of a year, then the amount of 1 in a year is [ 1 + ) , and the true yearly rate of interest is [1 + - j — 1. Note II. — If A is an instalment payable at the end of each year for n years from the present time, and P its present value, then 1 - 7^-" in which formula n is necessaril}'' a whole number. If A is payable at the end of each of p equal intervals in a year, and the payments continue for n years, then 1— P-'* P=A. — Pi^— 1 where n may be fractional, but such thnt the whole time contains an exact number of the intervals. 46 APPENDIX. Thus if the instalment A is pn3-nblo half-yearly, then F = A. \—R -n quarterly, monthly, F = A. P=:A. E''- 1 Those formulas give the relation between the loan and the in- stalment, and also give the present value of an instalment having any exact nuiiibor of periods t ^ run. If the time to run is not an exact number of ]ioriods, the present value will be found by taking the present value for the whole nuMiber of periods less than the given period, discounting this for the broken interval, and adding the present value of the instalment pa3'able at the end of the broken period. Thus, if a yearly instal- ment A has n 3'ears and m mortths to run, its present value ia given by m + AE r^ P 47? 12- ^ NoTK III. — If V is the present value of I due at the end of any interval, and A is an instalment paj-able at tlie end of each of u such intervals, then P = A (v -{- V- -\- v'^ -^ ... to n terms.) If the interval is a year, than v = R ; if a half year, v = R ', if a quarter, v — R ; if a month, v = R ^ - Tables III. and VIII. give the values of ?^ for niontlis and years. Tables II. and IV. have been formed by the addition of the v'a. Table I. has been formed by taking the reciprocals of the num- bers in Table II., and are given exact to the next cent above the true value when the difference exceeds -^^t\\ of a cent. In all the other tables, .the values are made true to the nearest decimal. IfoTE IV. — When the loan {P), instalment (A), and time are given, and it is required to find the rate of interest, R nuiat be obtained from the equation f\ < in- nc; int )le or nt il- is n APPENDIX. , , 1—7?-** 2 =: J. — 47 where n is the number of payments at the end of each interval, and 7? = 1 -f- interest per unit for one interval =!-{-?'. The solution of this equation, by Horner's method, though theo- retically possible in all cases, becomes impracticable when n is not a small number, on account of the length of the operations, and in general it3is better to proceed by Newton's approximation, ■which, however, converges but slowly and is often very troublesome to apply. Several approximate formulas have been devised to save this labor, of which the following may be noticed. (i.) Ilalley's formula. Calculating A^Yi+i—i, w— 1 \ and calling this value /3, then \ •r/3) (ii.) Using the same notation, (iii.) Baily's formula with the same notation : • «•=: (12-n-li3)^ 12 — 2 n — 13 3 Of these formulas, (i.) fails altogether when /3 exceeds : and becomes less correct the nearer ^ approaches to this limit ; (ii.) is of more easy application than (i.), as the successive terms are readily found by aid of a table of squares and cubes ; it be- comes more and more erroneous " ider the same circumstances as (i.), the degree of error being indicated by the less convergence of the second and third terms relatively to the first term, (iii.) is G also a modification of (i.); it fails when /3 gets be3-ond •. and becomes less correct as j3 approaches this lii *. It is more troublesome to work tlian either (i.) or (ii.), but its great disad- vantage is that it givea no indication iu itself of its degree of error. • . , 48 APPENDIX. None of the throe give good approximations when the period or the rate is Inrgo. For example, A = l,2' = 9-9992'7484, 71 =x 100, /3=:*01'762. Here (1.) fails; in (ii.) the terms diverge; (iii.) gives i = '13477, which is quite astray, the true value being i = •10000. The method of " reversion of series" may also be used for the solution, but it is liable to the same objections as above unless the series is carried to so large a number of terms as to render the operation too laborious to be practically useful. Note V. — The foregoing Tables will be found useful in enabling Building Societies to keep a proper account with each borrower. Those accounts should be kept on the principle that whenever an instalment is paid, the borrower is charged with interest at the Society's rate on the sum in his possession since the date of the last payment, and credited with the amount paid ; or, which comes to the same thing, instead of balancing an account whenever an instalment is paid, the borrower may at the end of the year be debited with the amount due at the beginning of the year, with interest on the same, and credited with the instalments paid in tills interval with interest from tlie times of payment. This method, which is the one to bo adopted in practice, is illustrated in the following oxamplej. The multiplications that occur in the calculations are most conveniently performed by means of the Arithmometer of M. Thomas, of Colmar, France, an instrument which should be in the possession of every Building Society.* In these examples the books of the Society are closed on the first day of December in each year, payments made on that day being included in the accounts, and all loans are supposed to be contracted on the first day of a month. * London agents : C. & J. Layton, 150 Fleet Street. A 12-flgure machine will be found sufBcient. In multiplying a sum by a factor, it will be better to begiD from the left of the multiplier, a;* follows ; Having set the multiplicand with the buttons, raise the plate and carry it to the right, so as to leave at least one hole to the left of the left-hand button. Multiply by the left hand llgure of the multiplier ; raise the plate and cany it one stage to the left ; then multiply by the next figure, and so on. In this way the operation can bo stopped without taking in unnecessary figures, when aufllcieut accuracy has bicu attained. APPENDIX. 49 i\^ Example 1.— August 1, 1872. A. B. borrows $1,000.00, to bo re-paid in C years by yearly instalmonts of $231 .80 each. The amounts oil the Dr. side are calculated by means of Table V. by multiplying the sum at the head of a column by the factor corresponding to the number of months between the dates at the head and foot of the column. Thus in the first column 1,000 is multiplied by the factor 1.088062 corresponding to the interval 4 months, giving 1033.00. The amounts on the Cr. side are calculated in like manner. Thus in the second column the instnl-nacnt, 231 .30, is multiplied by the same factor, giving 238.95. No instalment having been paid before Dec. 1, 1S'J2, the bor- rower is charged with $1,033.06 in opening the account for the next year. The differenco between $1,138.95 and $238.95 is $900.00, the present value of the mortgage on Dec. 1, 1873, and this is the amount with which the borrower is properly charged in opening the account for the next year. The account is closed Aug. 1, 1878, when there is a difTerence of nine cents between the Cr. and Dr. sides. This difference arises from thf> fact that the instalment, $231.30, is somewhat greater than the true value. If the more accurate value, $231,292, be taken, the account will bo found to balance exactly. Omitting dates, Ac, the account would then stand as follows : , - Dr. 1,000.000 1,033.062 1,033.062 1,138.951 900.012 992.263 753.324 830.540 591.601 652.240 413.301 455.664 216.725 231,292 Cr, 4- 0.000 o.ooo 1,033.062 1,033.062 231.292 238.939 900.012 1,138.951 231.292 288.939 753.324 992.263 281.292 238.939 691.601 880.540 231.292 238.939 231.292 238.939 413.301 216.725 652.240 455.664 231 292 231.292 0.000 281.292 50 APPENDIX. Example 2.— March 1, 1872. C. D. borrows $1,000.00 to bo repaid in 5 years by half-yearly instalments of $129.51 each. The amounts on the Dr. side are calculated as in Example 1. The amounts on the Cr. side are found by niultiplyinj? each instalment by the factor corresponding to tiio proper iutervul, and adding together the products so obtained. Thus for 1873 the first instahncnt is multiplied by the factor fur months, and the second instalment by the factor for 3 months. Example 3.— October 1, 1872. E. F. borrows $1,000 00 to be repaid in 3 years by quarterly instalments of $97.31 each. The amounts on the Dr. side are calculated as in previous Examples. The amounts on the Cr. side may bo obtained by multiplying each instalment $97.31 by the factor corresponding to the proper interval, and adding together the products bo obtained. Thus for 1873 the first instalment is multiplied by the factor for 1 1 months, the second by the factor for 8 months, the third by the factor for 5 months, and tiie fourth by the factor for 2 months, thus giving 410.52. But tliis result is more easily obtained with the aid of Table VII by multiplying the instalment by the factor corresponding to the number of payments in Table VII, and then multiplying this result by the factor in Table V corresponding to the interval between the last payment and the end of the year. Thus in the above example, the instalment 97.31 is multiplied by the factor 4.150621 in Table VII corresponding to four pay- ments, and then by the factor 1 .016397 in Table V, corresponding to the remaining period '^ Tionths, giving 410.52. And in the last co^- 1875 the amount of the instalments at date of last pa" j given at once from Table VII by multi- plying the instah. J7.31 by the factor corresponding to 4 pay- ments, 4 . 150624, giving 403 . 90. Example 4.— September 1, 1872. G. II. borrows $1,000.00 to be repaid in 8 years by monthly instalments of $32. 18 each. The amounts on the Dr. side are obtained as before. The amounts on the Cr. side are obtained by means of Table VI, by multiplying the instalment 82.18 by the factor corres- dondiog to as many months as there have beon instalments paid. 4^ APPENDIX. 01 lor bo Thu8 m the first column 32.18 is niultiplica by tlio factor 3 0245G2 corresponding to 3 months, giving 97.33. In the second column 32.18 is multiplied by the factor 12.553819 correspondin- to 12 months, giving 403.98 ; and in the fourth column 3'^ 18 U multiplied by ti.e factor 9.299G04 corresponding to 9 months giving 299.20. ' As in the previous examples, the small difforcnce between tl»o final amounts on the two sides 299.25 and 298.91 arises from the fact that the instalment ^^as only given to the nearest cent above the true value; if the more correct value 32. 17235 had been used the balance would liave come out exact, the final sums on each' side of the account being 299. ir2. In the great majority of cases a small balance will bo found to the advantage of the society which may be carried to Profit and Loss. ' f» «p .0> \ ' r vJ:..R,f:y I :■,'!' • " w»^;'^( i" , ii n il ' 1 1 ,11111 ■ .J 1 4) i i» ii i« i.. I* "T I v Pi I r.^^^^- . 187V. IT. A. B. rroscut vnluo of I 1SV2. I 187'.. inortjjngo f A\ig. 1 . . . . C;l ,000 . 00 I Dec. 1 .... $1 ,033 . 06 Amount to date . . Dec. 1 $1,033.00 Cr. 187t. Dec. 1 $900.00 1«74. Dec. 1 M20.25 1874. Dec. 1 $768,30 A. B 1875. Dec, 1 $;830,51 1876. Dec, 1 , 187C. Dec. 1 . . $691.68 , $C52.19 1870. Dec. 1 . ,..$413.24 1877. Dec. 1 $465. CO 1877. Dec. I $210.05 1878. Aug. 1 . ,$231.21 1872. Instnlment $0.00 Amount to tlate . , Dec, 1 $0,00 Ualnnce 1,033.00 S!,030 00 1873. Aug. 1 $231.30 Dec. 1 $238.95 illlO.OO §1,138.95 1871. Aug, 1 . . Dec, 1 $231.80 $238,95 753.30 $992.25 1875. Aug. 1 $231.30 Doc. 1 . . , . $238.95 . 691.50 $830.61 1870. Aug. 1 $231.30 Dec. 1 $238.95 413.24 $062.19 1877. I 1878. Aug. 1 ^231.80 1 Aug. 1 $231.30 Dec. 1 $238.95 Aug. 1 $231.30 216.05 0.00 $155. CO i $231.30 Dr. C. D. 1872. Preaent value uf ! mortgage ) Mar. 1 $1,000.00 Amount to date . . Dec. 1 $l,u75.93 1872. Doc, 1 $943.22 1S73. Dec. 1 $1,039.90 1873. 3C. 1 . . ..$707.85 1874. Deo. 1 . . ..?:574.60 187.-. Dec. 1 . ..$3C1..34 1871. ;c. 1 . . ..$840.55 1876. Dec. 1 . . ..$033.39 18711. Dec. 1 . . ..$398.38 1870. Dec. 1 .... $128.33 1877. Mnr. 1 $129.45 Cr. CD. 1872. 1873. Instalment Mar. 1 $0.00 Mar. 1 . , Sept. 1.... 129.15 Sept. 1., Amount to date . . Dec. 1 . . . . $132.71 Dec. 1 Balance 943.22 $1,076.93 $129.51 129.51 $272,05 707.85 $1,039.90 1874. Mar. 1.... $129.51 Sept. 1 129.51 Dec. 1 $272.05 574.60 $840.55 1875. Mar. 1... Sept. 1 . . . $129.61 129.51 Dee. 1 $292.05 361.34 $03S.39 1870. Mar. 1... Sept. 1 , . , Deo. 1. ,$129.51 , 129.61 , $272.05 126.33 $398.38 1877. Mar. 1. .. $129.61 Mai-. 1 $129.61 0.00 $129.51 Dt. E. F Present value of \ 00 ' ) 1872. J Oct. l....*l,000 \mountto date . . Doc. 1 .. *l,Ul6.4ii 1872. Dec. l...,.«:i,010.40 187.".. Dec. 1 ...SI, 120, 68 1873, Dec. 1 .$710.00 1871. Dee. 1 $782.84 1874. Dec. 1.... $372.32 1875. Oct. 1 $403,80 Cr, 1872, [natnlmcnt $0 , 00 Amount to date $0,00 Balance 1,016.40 $1,010.40 E. F. 187.>. Jan. 1 . . . . Apl. 1.... July 1.... Oct. 1 . . . I 1871, $07.31 .Ian. 1. 97.31 Apl. 1. 97.31 July 1 97.81 Oct. 1. 897.31 97.31 97.31 97.31 Dec. 1... $410.52 Dec. 1 710.00 $1,120.68 $110.52 , 372.32 $782.84 1875. Jan. I . Apl. 1. July 1. Oct. 1. Oct. 1 $97.81 97.81 97.31 97.81 . $1C3.90 O.OO $103 . 90 Pc. G. II. I'resont value of j^ 1872. mortgage . . . ) Sept. 1 .SI ,000 . 00 Amount to dale . . Dec. 1 . . . .i?l,024.C.9 1872. Dec. 1.... $927.36 1873. Dec. 1.... $1,022. 42 1873. Dec. 1 $018.43 1874. Dec 1 $881.82 1874. Dee. 1 $277.84 Oct. 1 ... $298.94 Cr. G. II. Instalment 1872. .Ian. 1 .. Feb. 1 ., Mar. 1 . . Apr. 1 .. May 1 . . Juno 1 . . July 1 . . Aug. 1 . . Sep. 1 .. Oct. 1 .. Nov. 1 . . Dec. 1 .. $32.18 32.18 82.18 Amount to date . . Dee. 1 .. $97.33 Balance 927.36 $1,024 09 1873. Jan. 1 Feb. 1 Mar. 1 , Apr. 1 , May 1 Juno 1 , July 1 Aug. 1 , Sep. 1 , Oct. 1 . Nov. 1 , Dec. 1 ,. $32.18 32.18 .. 32.18 32.18 , . 32.18 32,18 32,18 32.18 32,18 32,18 , . 32.18 82.18 $403.98 018 43 $1,022.41 1874. .Tan. 1 Feb. 1 Mar. 1 , Apr. 1 May 1 , Juno 1 July 1 Aug. 1 Sep. 1 , Oct. 1 , Nov. I Dec. 1 $32.18 32.18 32.18 32.18 32.18 82.18 32.18 32.18 32.18 82.18 32.18 82.18 $403.98 277.84 $681.82 1875. Jan. 1 Feb. 1 filar. 1 Apr 1 May 1 Juno 1 July 1 , Aug. 1 Sep. 1 Oct. 1 $32.18 32.18 32,18 32.18 32.18 32.18 32.18 32.18 32.18 32.18 $299.20 0.00 $299.20 ' "'g ! '.ff>»-''*w viy^ ' f.ji^j* * ' I I i. V . i' . f w. • .« - i. ? , i..) T N D E X . To find the present value of a sum due after a nnmber of years. p. 10; s. (7); Table VIII To find the present value of a sum duo after a number of months less than a year. p. ^0; s. (7); Table III. To find the present value of a sum due after a broken period of years and some mr ilhs. p. 10; 8. (7); Tables III., VIII. To find the amount, with interest, of a sura, after any number of months, from I to 12. p. 8; s. (5); Table V. To find the amount, with interest, of a sum, after a period of years and some months. p. 12; s. (9); Tables III , VITI., or V., VIII. [Divide the sum by the factor corresponding to the number of years in Table VJIl. ; then divide this quotient by the fa,rtor corresponding to the number of months in Table III., or multiply this quotient by the Jactor corresponding to the number of months in Table V.) To find the yearly, half-yearly, quarterly, or monthly instalment required to repay a loan in a given number of years. p. 5 ; 8. (1); Table I. To find the present value of an instalment payable at the end of each year, half-year, quarter or month, during a given number of years. p. 5; s. (2); Table II. To find the present value of a yearly, half-yearly, or quarterly instalment, in payment of a loan having a broken period of years and some months to run. First method (best) p. 6; s. (3); Tables II., III. Second method, p. 8; s. (6); Tables II., V INDEX. To find the present value of a monthly instalment, In payment of a loan having a period of years and some months to run. First method, p. 7 ; s. (4); Tables II., III., IV. Second method, p 9; s. («); Tables II., V., VI. To find the present value of an ordinary mortgage. p. 10: 8. (8); Tables II., III., VIII. To find the reduction in the instalment or in the period to run, produced by the payment of an additional^ rn sum at any time during the period. ^^ pp. 12, IS ; s. (9). To find the rate of interest when the instalment, loan, and period are given. -' " ' j;. , .., p^ 13; y. (10); and Appendix. Note IV., p 46. How the account of a borrower should be kept. Appendix, Note V., p. 48. V-vVj^, Xvlr I Vi -■u. pt', i> ^ ^''-'i ':i = >■ - i-iV OOPP, CLARK & CO. PRINTERS, COLBORNE STREET, TORONTO. Qt, in } and es II., III. los II., V. ,iv. , vr. II., III., VIII. seriod tional . 12, IS; i 5. (9). , loan, !^ote IV., p 46. Note v., p. 48. ;i:! . ■■■ V i-nr TORONTO.