A promissory note may be bought or sold. In order to transfer the note to other parties the one to whom it is made payable must indorse it. If he desires it paid to the holder, he simply writes his name across the back of the note, thus:

Pay to the order of
Byron Lill.

John Edwards.

John Edwards.

If he desires to pay to some particular person, he so specifies in the indorsement.

If the indorser of a note desires to free himself from the responsibility of payment, he

writes the words "without recourse " before his name.

Partial Payments

It often happens that the maker of a note arranges to pay part of it at a time. The general rule is that whenever a payment is made, the interest is counted to that date and added to the principal. If the payment is equal to or greater than the interest, the payment is deducted from the amount.

If the payment is less than the interest, it is not deducted at the time of payment, but the interest is found from the previous date to the date of the next payment, or until the sum of the payments made equals the interest, and then the sum of the payments made is subtracted from the amount to the time of the last payment. However, in nearly all cases the payment exceeds the interest. We will consider such a problem here.

ILLUSTRATION

I owe you $600 due in 3 years, interest at 6% and make payments of $200 at the end of the first and second years. How much will be due you at the end of the third year?

NOTE. When partial payments are made, a record of the same, giving the date and amount of payment, is written on the back of the note.

Standard Time

$200

$262.16

15.7296

$277.8896

When the sun is directly over a certain meridian, all points to the west of the meridian have earlier time, all points to the east, later time. When the sun is directly above the meridian passing through New York City, it is not quite 9 o'clock at San Francisco.

The railroads have divided the United States into four sections and all points in each section have the same time. The sections differ in time from the adjoining sections just one hour.

VOCABULARY

Acute angle. An angle less than a right angle.

Addend. A number to be added.

Addition. The process of combining numbers into one sum.

Adjacent. Adjoining.

Agent. One employed to do business for another.

Altitude. The perpendicular distance from the highest point to the

line of the base.

Amount. In interest, the principal and interest combined.
Angle. The amount of divergence of two intersecting lines.

Antecedent. The first term of a ratio.

Arc. Any part of a circumference.

Area. The number of times a surface contains another surface used as a unit of measure.

Assessment. An amount collected from shareholders to meet losses

or expenses.

Assessor. An officer whose duty it is to estimate the value of taxable

property.

Assets. The property of an estate, individual, or corporation.

Bank. An institution for the custody, the loaning, exchange, or issue

of money.

Base. A line or surface on which a plane figure or solid is supposed to stand.

Bonds. Interest-bearing notes issued by a government or corporation. Broker. An agent who deals in securities.

Brokerage. The percentage received by a broker.

Check. An order on a bank by a depositor for the payment of money. Chord. A straight line joining any two points in a circumference. Circle. A plane surface bounded by a curved line, every part of which is equally distant from a point within called the center.

Circumference. The boundary line of a circle.

Commission. A percentage an agent is paid by his principal for the transaction of business.

Common denominator. A number showing the size of the parts of a unit in which the denominators of two or more fractions may be expressed.

Common factor. A factor common to two or more numbers.

Common multiple. A multiple common to two or more numbers. Composite number. A number integrally divisible by some number besides itself and unity.

Compound number. A single expression of quantity by the use of two or more denominate numbers.

Cone. A solid whose base is circular and whose lateral surface tapers uniformly to a point called the vertex.

Consequent. The second term of a ratio.

Consignee. The one to whom goods are sent.
Consignor. The one who sends goods to another.
Creditor. One to whom money is owed.

Cube. A prism whose faces are equal squares.

Cube root. One of the three equal factors of a number.

Cylinder. A solid of uniform diameter having two parallel circular bases.

Days of grace. Three days more than the time specified in the note; allowed in some states.

Decimal. A decimal fraction whose denominator is not expressed but is indicated by the position of the numerator on the right of the decimal point.

Decimal fraction. A fraction whose denominator is 10 or some power of 10.

Decimal point. A period used to separate the decimal from the integer.

Denominate number. A number denoting a particular kind of quantity. Denominator. The part of a fraction which shows into how many parts the unit has been divided.

Diagonal of a quadrilateral. A straight line joining two opposite vertices.

Diameter. Of a circle, a straight line drawn from the circumference through the center to the circumference on the opposite side. Of a square, a straight line joining the middle points of two opposite sides.

Digits. The Arabic figures from 1 to 9 inclusive.

Dimensions. The measurements necessary to find area or contents,