Find the simple interest. Then use the compound interest table to find the interest compounded annually....

 

Transcribed Image Text:

Find the simple interest. Then use the compound interest table to find the interest compounded annually. Finally, find the amount by which the compound interest is larger than the simple interest. Principal $5300 Rate 6% What is the simple interest? Number of Years 4 What is the compound interest? Simple Interest $ Compound Interest $ Difference $ Compound Interest Table Interest Rate per Compounding Period 3% 4% 5% eriod 1% 1 14% 2% 1.01000 1.01500 1.02000 1.02500 1.03000 1.04000 1.02010 1.03023 1.04040 1.05063 1.06090 1.08160 1.03030 1.04568 1.06121 1.07689 1.09273 1.12486 1.04060 1.06136 1.08243 1.10381 1.12551 1.16986 1.05101 1.07728 1.10408 1.13141 1.15927 1.21665 1.06152 1.09344 1.12616 1.15969 1.19405 1.26532 1.07214 1.10984 1.14869 1.18869 1.22987 1.31593 108286 112640 1 17166 121840 126677 126857 6% 8% 10' 1.08000 1.10 1.05000 1.06000 1.10250 1.12360 1.16640 1.21 1.15763 1.19102 1.25971 1.33 1.21551 1.26248 1.36049 1.46 1.27628 1.33823 1.46933 1.61 1.34010 1.41852 1.58687 1.77 1.40710 1.50363 1.71382 1.94 1.47746 1 50285 1 85002 214 Find the simple interest. Then use the compound interest table to find the interest compounded annually. Finally, find the amount by which the compound interest is larger than the simple interest. Principal $5300 Rate 6% What is the simple interest? Number of Years 4 What is the compound interest? Simple Interest $ Compound Interest $ Difference $ Compound Interest Table Interest Rate per Compounding Period 3% 4% 5% eriod 1% 1 14% 2% 1.01000 1.01500 1.02000 1.02500 1.03000 1.04000 1.02010 1.03023 1.04040 1.05063 1.06090 1.08160 1.03030 1.04568 1.06121 1.07689 1.09273 1.12486 1.04060 1.06136 1.08243 1.10381 1.12551 1.16986 1.05101 1.07728 1.10408 1.13141 1.15927 1.21665 1.06152 1.09344 1.12616 1.15969 1.19405 1.26532 1.07214 1.10984 1.14869 1.18869 1.22987 1.31593 108286 112640 1 17166 121840 126677 126857 6% 8% 10' 1.08000 1.10 1.05000 1.06000 1.10250 1.12360 1.16640 1.21 1.15763 1.19102 1.25971 1.33 1.21551 1.26248 1.36049 1.46 1.27628 1.33823 1.46933 1.61 1.34010 1.41852 1.58687 1.77 1.40710 1.50363 1.71382 1.94 1.47746 1 50285 1 85002 214

Answer rating: 100% (QA)

To calculate the simple interest you can use the formula Simple Inte... View the full answer