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nominally (as we shall see) 3 per Cent, is perhaps
the most common: but instances of 2 1/2
per cent and that in the same way a nominal
rate are not wanting. The real rate
this much may be said in general terms — that <unclear>it</unclear is in every instance very considerably less:
though by what <unclear>precise amount — such are
the nature of the circumstances by which it is
redeemed it is impossible to say. In some
instances where a nominal 3 per Cent is
allowed, a note has 6 months to run without
any interest, before interest at that rate
is to be paid upon it: so that for the first year
6 months the nominal 3 per cent amounts
to nothing and for in twelve months it amounts
to no more than 1 1/2 per cent, nor indeed
correctly speaking to so much. In other
instances the note is payable not on demand
but at a certain number of days —
say one and twenty — after : so that
the obligation of waiting one and twenty
days and upwards the advantage in repent
of interest is clogged with the of
— or at any rate of the is performed
by letter, with and a ,
with or without the of
.
