Following is a simple interest table from which computation of interest at 3 per centum per annum on a principal of $1,000 for a fractional 365-day year may be derived by addition only. The interest is stated in the form of a decimal fraction of $1.
Days Interest
1.......................................................... 0821 91782.......................................................... 1643 83563.......................................................... 2465 75344.......................................................... 3287 67125.......................................................... 4109 58906.......................................................... 4931 50687.......................................................... 5753 42468.......................................................... 6575 34249.......................................................... 7397 2602
Example: 3% on $500 for 93 days:
Days
90 $7.3972 602
3 .2465 7534
------------------------Interest on $1,000............................. 93 $7.6438 3554Interest on $500............................... ....... $3.82