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EQUATION OF PAYMENTS. 27
EQUATION OF PAYMENTS.
When several debts are due at different dates the average
time when all the debts are due is calculated by the following
rule:
Multiply each debt separately by the number of days be-
tween its own date of maturity and the date of the debt earliest
due. Divide the sum of these products by the sum of the debts ;
the quotient will express the number of days subsequent to the
leading day when the whole debt should be paid in one sum.
Example.
A owed to B the following sums : $250 due May 12, $120
due July 19, $410 due August 16, and $60 due September 21, all
in the same year. When should the whole sum be paid at once
in order that neither shall lose any interest?
Solution
:
May 12 $250
May 12 to July 19 is 68 days ; 120 X 68 = 8160
May 12 to Aug. 16 is 96 days ; 410 X 96 = 39360
May 12 to Sept. 21 is 132 days ; 60 X 132 =r 7920
$840 ) 55440 = 65.9
66 days after May 12 will be July 17.
When several debts are due after different lengths of time,
the average time is calculated by this rule: Multiply the debt
by the time ; divide the sum of the products by the sum of the
debts, and the quotient is the time when all the debts may be
considered due.
Example.
A owed B $600, due in 7 months ;
$200 due in one month, and
$700 due in 3 months. When should the whole debt be paid in
one sum in order that neither shall lose any interest ?
Solution
:
600 X 7 = 4200
700 X 3 = 2100
200 x 1 = 200
1500 ) 6500 = 4^ months.
Note : If the debts contain both dollars and cents the
cents may, if such refinement is required, be considered as deci-
mal parts of a dollar, but practically in such problems the cents
may be omitted in the calculation.
PARTNERSHIP,
or calculating of proportional parts, is the calculation of the
parts of a certain quantity in such a way that the ratio between
the separate parts is equal to the ratio of certain given numbers.
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