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WHat is the rebate out of 500 pound due 6 moneths hence, to be paid at pre∣sent? and so how much rea∣dy money will satisfie the said debt of 500 pound?
By the Table you shall finde that 14 pound, 11 shillings, 3 pence and half a farthing, is to be abated.
| li. | sh. | d. | |
| So that, the debt being | 500 | 00 | 00 |
| The rebatement to be subtracted | 14 | 11 | 3 |
| So there remaines | 485 | 08 | 09 |
And so much ready money will satisfie the said debt.
If you cannot finde the whole debt in one line of the Tables, or if the debt be to be paid at two or three payments, then you must take it out of the Tables severally, and then adde them together.
As suppose A hath sold a bargain to B of 1500 pound, to be paid at three six moneths, 500 pound a time: what is the value of it in ready money?
| li. | sh. | d. | q. | |
| The debt is | 1500 | 00 | 00 | 0 |
| Rebate of 500l. for 6 moneths | 14 | 11 | 03 | 0 |
| Rebate of 500l. for 12 mon. | 28 | 06 | 00 | 2 |
| Rebate of 500l. for 18 mon. | 41 | 05 | 08 | 1 |
| The Sum of the Rebates | 84 | 02 | 11 | 3 |
| Which substracted from the whole debt, there remaines | 1415 | 17 | 00 | 1 |
The money which must be paid at present.
There is another kinde of Rebate∣ment, by way of reducing divers times of payment all into one, which is many times used, but yet is not altogether so exact as it should be.
For example: Suppose the said debt of 1500 li. to be paid at three 6 moneths, what time will the whole debt be due to be paid altogether?
The rule is thus: First, multiply the summes of money, by the times of their payment, and adde the severall pro∣ducts together; thus,
| 500 pounds By 6 moneths | 500 pounds by 12 moneths | 500 pounds by 18 moneths |
| is 3000 | is 6000 | is 9000 |
| 6000 | ||
| Which three added together. | 3000 | |
| The Sum of them all is | 18000 |
And this product divided by the whol∣debt 1500 pound, the quotient will shey 12 moneths for the time of payment.
This rule is not much out of the way; yet somewhat it sails, as will appear by comparing it with the former. For if the said 1500 pound be to be paid all at 12 moneths, then the worth of it in rea∣dy money will appear to be but 1415 pound, 1 shilling, 10 pence, 2 farthings, whereas the true value of the debt in ready money was before found to be 1415 pound, 17 shillings, one farthing; by this means therefore the Creditour will lose 15 shillings, one peny, three farthings more then he ought to re∣bate.
Yet this way of reducing of payments comes so neer the exact truth, that I can∣not prescribe a better way in generall, to finde it out. But if any will be so punctual, and think it worth their la∣bour, let them try one by the other, and so finding the difference, which here is 15 shillings; finde out by the Tables of Interest, in how many dayes the 1500 pound will require 15 shillings Interest; and you shall finde the neerest time is 3 dayes. For the Interest of 1500 pound so three dayes is 14 shillings, 9 pence:
these three dayes therefore being taken from the 12 Moneths aforesaid, shewes the true time due for the payment of the whole 1500 pound.
If any will be so strict in their Re∣batements, as to look after any time un∣der a moneth; they may, by the former Tables of Interest, finde out the Interest of their principall debt for the odde dayes, and adde that to the Rebate∣ment for the moneths, without much errour.
But if they will be more exact, let them, by the Tables of daily Interest, finde out the Interest of 1••0 pound for the time desired, and work by the for∣mer rule, according to the rule of pro∣portion.
Thus, if you would know the rebate out of an hundred pound for 190 dayes.
The Interest for 190 dayes is 3 pound, 1200 parts. Therefore, As 103. 1200, li. to 10••; li. So 100, li. to 96, 9744. li.
Which is 96 pound, 19 shillings, 6 pence, ferè.
And thus much for these Tables of In∣terest. All that I have said hitherto hath been about Interest either simple or compound, by which you may see the good use which may be made thereof, and how the abuse may be avoided and prevented.
And here I thought to have put as end to this little Book. But since there are many other things of a generall concernment, and not impertinent to the former Discourse, I shall adde somewhat concerning a few of them, as briefly as I can.