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Enclosure: Calculation of Payment Schedule for Federal District Loan, 8 March 1792
Enclosure
Calculation 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. | |||
PrC (DLC).