mercantile rule

mercantile rule
A rule for the application of partial payments as between interest and principal, by which interest is charged on each item of principal on the debit side and credited on each item on the credit side of the account, and a balance of such interest is struck and added to the balance of the principal. In other words, the rule is to compute the interest on the principal debt until maturity or any given time and the interest on payments made, for the time when made, until such time, and then deduct the one sum from the other. 30 Am J Rev ed Int § 49.

Ballentine's law dictionary. . 1998.

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