Contemporary Mathematics for Business & Consumers
Contemporary Mathematics for Business & Consumers
8th Edition
ISBN: 9781305585447
Author: Robert Brechner, Geroge Bergeman
Publisher: Cengage Learning
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Textbook Question
Chapter 11, Problem 1CR

Interest calculated solely on the principal is known as _______ interest, whereas interest calculated on the principal and previously earned interest is known as _______ interest. (11-1)

Expert Solution & Answer
Check Mark
To determine

To fill: The blank spaces in the statement, “Interest calculated solely on the principal is known as ____ interest, whereas interest calculated on the principal and previously earned interest is known as ____ interest.”

Answer to Problem 1CR

Solution:

Interest calculated solely on the principal is known as simple interest, whereas interest calculated on the principal and previously earned interest is known as compound interest.

Explanation of Solution

When a certain amount for investment is dependent on Simple Interest, this implies that, the formula to calculate the amount of interest I=PRT,

On the other hand, the amount of interest paid on principal and previously earned interest is Compound interest. And, it is calculated by the formula;

Compound interest=Principal+Simple interest

Therefore, the complete statement is “Interest calculated solely on the principal is known as simple interest, whereas interest calculated on the principal and previously earned interest is known as compound interest.”

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Chapter 11 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 11.I - Prob. 6RECh. 11.I - For the following investments, find the total...Ch. 11.I - Prob. 8RECh. 11.I - Prob. 9RECh. 11.I - Manually calculate the compound amount and...Ch. 11.I - Prob. 11RECh. 11.I - Prob. 12RECh. 11.I - Prob. 13RECh. 11.I - Prob. 14RECh. 11.I - Prob. 15RECh. 11.I - Prob. 16RECh. 11.I - Using Table 11-1, calculate the compound amount...Ch. 11.I - Prob. 18RECh. 11.I - Prob. 19RECh. 11.I - The following investments require table factors...Ch. 11.I - Prob. 21RECh. 11.I - Prob. 22RECh. 11.I - Prob. 23RECh. 11.I - Prob. 24RECh. 11.I - Prob. 25RECh. 11.I - For the following investments, compute the amount...Ch. 11.I - For the following investments, compute the amount...Ch. 11.I - Prob. 28RECh. 11.I - Solve the following word problems by using Table...Ch. 11.I - Prob. 30RECh. 11.I - Solve the following word problems by using Table...Ch. 11.I - Solve the following word problems by using Table...Ch. 11.I - Solve the following word problems by using Table...Ch. 11.I - Solve the following word problems by using Table...Ch. 11.I - Prob. 35RECh. 11.I - Solve the following exercises and word problems by...Ch. 11.I - Prob. 37RECh. 11.I - Prob. 38RECh. 11.I - 39. Gabriel Hopen, a 32-year-old commercial...Ch. 11.I - 40. The FernRod Motorcycle Company invested...Ch. 11.II - Prob. 6TIECh. 11.II - Calculate a new table factor and find the present...Ch. 11.II - Prob. 8TIECh. 11.II - For the following investments, calculate the...Ch. 11.II - Prob. 2RECh. 11.II - Prob. 3RECh. 11.II - Prob. 4RECh. 11.II - Prob. 5RECh. 11.II - For the following investments, calculate the...Ch. 11.II - Prob. 7RECh. 11.II - For the following investments, calculate the...Ch. 11.II - Prob. 9RECh. 11.II - Prob. 10RECh. 11.II - Prob. 11RECh. 11.II - The following investments require table factors...Ch. 11.II - The following investments require table factors...Ch. 11.II - Prob. 14RECh. 11.II - The following investments require table factors...Ch. 11.II - Prob. 16RECh. 11.II - Prob. 17RECh. 11.II - Solve the following word problems by using table...Ch. 11.II - Prob. 19RECh. 11.II - Solve the following word problems by using Table...Ch. 11.II - Prob. 21RECh. 11.II - Solve the following word problems by using table...Ch. 11.II - Prob. 23RECh. 11.II - Prob. 24RECh. 11.II - Solve the following exercises and word problems by...Ch. 11.II - Prob. 26RECh. 11.II - 27. Alana and Eva Rodriguez are planning a...Ch. 11.II - 28. Mike Gioulis would like to have $25,000 in 4...Ch. 11.II - You are the finance manager for Olympia...Ch. 11 - 1. Interest calculated solely on the principal is...Ch. 11 - Prob. 2CRCh. 11 - Prob. 3CRCh. 11 - Prob. 4CRCh. 11 - Prob. 5CRCh. 11 - Prob. 6CRCh. 11 - Prob. 7CRCh. 11 - A shortcut method for calculating approximately...Ch. 11 - Prob. 9CRCh. 11 - Prob. 10CRCh. 11 - Prob. 11CRCh. 11 - Prob. 12CRCh. 11 - Prob. 13CRCh. 11 - 14. To use the compound interest formula and the...Ch. 11 - Using Table 11-1, calculate the compound amount...Ch. 11 - Using Table 11-1, calculate the compound amount...Ch. 11 - Using Table 11-1, calculate the compound amount...Ch. 11 - Prob. 4ATCh. 11 - Prob. 5ATCh. 11 - The following investments require table factors...Ch. 11 - Prob. 7ATCh. 11 - For the following investments, compute the amount...Ch. 11 - Prob. 9ATCh. 11 - Prob. 10ATCh. 11 - Calculate the present value (principal) and the...Ch. 11 - Prob. 12ATCh. 11 - Prob. 13ATCh. 11 - Prob. 14ATCh. 11 - Prob. 15ATCh. 11 - Prob. 16ATCh. 11 - Prob. 17ATCh. 11 - Solve the following word problems by using Table...Ch. 11 - Prob. 19ATCh. 11 - Solve the following word problems by using Table...Ch. 11 - Solve the following word problems by using Table...Ch. 11 - Prob. 22ATCh. 11 - Solve the following word problems by using Table...Ch. 11 - Solve the following word problems by using Table...Ch. 11 - Prob. 25ATCh. 11 - Solve the following word problems by using Table...Ch. 11 - Solve the following word problems by using Table...Ch. 11 - Prob. 28ATCh. 11 - Prob. 29ATCh. 11 - Prob. 30ATCh. 11 - Prob. 31ATCh. 11 - Prob. 32ATCh. 11 - Prob. 33ATCh. 11 - Prob. 34ATCh. 11 - Prob. 35ATCh. 11 - Prob. 36ATCh. 11 - Prob. 37ATCh. 11 - Quinn and Julius inherited $50,000 each from their...Ch. 11 - 39. Greg and Verena Sava need $20,000 in 3 years...
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