Tracy v. Wikoff

M'Kean, Chief Justice.

The rule of computing interest must be such, that the interest money paid in time, must be deducted from the interest of the whole sum due at the time appointed by the instrument for making the payment. For instance, a bond to pay £. 100, with annual interest at 6 per cent and at the end of six months, £.50 is paid in. This payment shall not be apportioned, £.3 to the discharge of the half year’s interest, and £.47 to the dimunition of the principal; so as to calculate the remaining interest at 6 per cent. upon £.53 for six months; But the interest shall be charged at…