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Q: Explain to the client the main differences between simple interest versus compound interest.
A: Simple vs compound interest is not hard to understand Basically, simple interest is interest paid on the original principal only For example,4000 dollars is deposited into a bank account and the annual interest rate is 8%. [ However, coumpound interest is the interest earned not only on the original principal, but also on all interests earned previously In other words, at the end of each
year, the interest earned is added to the original amount and the money is reinvested ]
Expert answered|AwesomeGuy200|Points 1062|
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Asked 6/26/2012 3:25:52 PM
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Questions asked by the same visitor
ven interest of $1,632 with principal of $16,000 for 306 days (ordinary interest), results in a rate of: a. 10 percent b. 12 percent c. 12 1/2 percent d. 13 percent e. None of these
Weegy: Given interest of $1,632 with principal of $16,000 for 306 days (ordinary interest), results in a rate of? 10 percent 12 percent 12 1/2 percent 13 percent None of these (More)
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Expert Answered
Updated 7/1/2012 5:06:06 PM
2 Answers/Comments
Given interest of $1,632 with principal of $16,000 for 306 days (ordinary interest), results in a rate of 12%.

1632=16000*306/360*r
1632=13600*r
r=1632/13600
r=0.12 = 12%
Added 7/1/2012 5:05:39 PM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [4/28/2016 8:32:14 PM]
Please don't just repeat the question. Either provide an answer or pass it to another expert.
Added 7/1/2012 5:06:08 PM
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