In calculating interest, the payment must first be applied, to discharge the interest accrued at the time of payment ; and the excess of the payment, if any, carried to the reduction of the principal. The same directions were given in every case where the calculation of interest same in question during this term.
Anonymous, 3 N.C. 17, 2 Hayw. 17 (1797)
Nov. 1797
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North Carolina Superior Court
3 N.C. 17, 2 Hayw. 17