Ne Plus Ultra Interest Tables: Seven Per Cent; In Which Are Shown the Interest on Any Sum From One Dollar to Five Hundred Dollars Consecutively, for ... and Sixty Days, by Days (Classic Reprint) - Softcover

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Excerpt from Ne Plus Ultra Interest Tables: Seven Per Cent; In Which Are Shown the Interest on Any Sum From One Dollar to Five Hundred Dollars Consecutively, for Any Length of Time, From One Day to Three Hundred and Sixty Days, by Days

There are two modes of computing Interest one by days, and by months of 30 days, (making the year to consist of 360 days only,) which is adopted_ principally by banldng institu tions; which are allowed by their charters to charge one-half of one per cent interest for every 30 days; the other is-by years, months, and days, each month being the twelfth. Part of a year of 365 days; while the days (the fractional parts of a month) are calculated at the rate of 360 days to the year, which is legal throughout the United States.

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