Thomas Jefferson Papers
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# EnclosureCalculation of Payment Schedule for Federal District Loan

 Dates of instalments Amount of each instalment Aggregate sum the interest of which is to be deducted from each payment Aggregate of the interest to be deducted, from each instalment Sum actually received by the borrowers Sums of interest to be paid by sales or otherwise Dollars 1792. May 15 50,000 50,000 Nov. 15 50,000 50,000 1,500 48,500 1793. May 15 100,000 100,000 3 000 97,000 Nov. 15 100,000 200,000 6 000 94,000 1794. May 15 100,000 300,000 9 000 91,000 Nov. 15 100,000 400,000 12 000 88,000 1795. May 15 15,000 Nov. 15 15,000 1796. May 15 15,000 Nov. 15 15,000 1797. May 15 15,000 Nov. 15 15,000 1798. May 15 15,000 Nov. 15 15,000 1799. May 15 15,000 Nov. 15 15,000 1800. May 15 15,000 500,000 468,500 + 165,000 = 665,000

It appears from the above that the Commissioners will receive 468500 dollars, and have to pay after 4 considerable intervals 665,000. dollars. now 468,000: 665,000 :: 100: 142. that is, for every 100.D. they receive, they will have to pay in the long run 142.D. but we may certainly hope that the effect of the 468,000 dollars, if judiciously employed, will be to raise the value of the lots more than 42 percent.

Suppose the interest, after 1794. is kept down by the sale of lots to raise it.

 D. 100 lots a year at 300.D. each will pay the annual interest of 30,000 say   550.lots. 1666. do.— at 300.D. will pay the principal— 500,000 1666 The whole loan then will absorb from beginning to end (℔ 300.D.) 2216 lots.

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