Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1850 edition. Excerpt: ...and he to whom it is payable is called the payee, before he puts his name on the back of the note; afterwards he is called the endorser. If there are two or more names on the back, they are called 1st, 2d, &c., endorsers. He who asks the bank to discount the note is called the applicant. 2. Form of a Joint or Several Note. Albany, June 30, 1849. For value received, we jointly and severally promise to payto A.B., or order, seven hundred and eighty-nine dollars and-y, in four months from date, with interest afterwards. C. D. $789.89. E. F. This form of a note is generally used when it is the understanding of the parties that it is not to be paid when due. The payee having the security of two names without notification. The face of a note is the sum specified in it. The proceeds of the note is the amount received from the bank after deducting from it the Bank Discount. 11G. To Find The Proceeds Of A Note Discounted At A Bane. Rule. Add three days to the time that will elapse before the note becomes due, and deduct from the face of the note its interest for the time. 1. What is the bank discount of a note of $500, payable in 30 days, at 6 per cent, per annum? What sum shall be received for the note? 2. A merchant sold goods amounting to $575, for which he received a note payable in 4 months. What are the proceeds of the note, if discounted on the day the note is dated? When the cents on a note or draft amount to SO or more, they are, in computing the interest, called Si; when less, nothing. 3. Salem, Nov. 18, 1848. For value received, I promise to pay 0. P., or order, three hundred dollars, in thirty days. $300.00. Q. R. What would be the proceeds of the above note if discounted Nov. 25, 1848? 4. What are the proceeds of a note of $150, ..
