Gomer loses his job as a road construction worker and cannot find another position with equivalent pay and benefits. As a result
1 answer:
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Solution :
a). Interest for the simple interest
= $ 100
Amount due for the simple interest = $ 1000 + $ 100
= $ 1100
Amount due for the compound interest
= $ 1102.50
Interest for the compound interest = $ 1102.50 - $ 1000
= $ 102.50
b). Interest for the simple interest
= $ 450
Amount due for the simple interest = $ 1500 + $ 450
= $ 1950
Amount due for the compound interest
= $ 2007.34
Interest for the compound interest = $ 2007.34 - $ 1500
= $ 507.34
c). Interest for the simple interest
= $ 100000
Amount due for the simple interest = $ 10000 + $ 10000
= $ 20000
Amount due for the compound interest
= $ 25937.42
Interest for the compound interest = $ 25937.42 - $ 10000
= $ 15937.42
d). Interest for the simple interest
= $ 56,2500
Amount due for the simple interest = $ 25000 + $ 56,250
= $ 81,250
Amount due for the compound interest
= $ 203,426.54
Interest for the compound interest = $ 203,426.54 - $ 25,000
= $ 178,426.54
e). Interest for the simple interest
= $ 191,000
Amount due for the simple interest = $ 47,750 + $ 191,000
= $ 238,750
Amount due for the compound interest
= $ 1,830,620.40
Interest for the compound interest = $ 1,830,620.40 - $ 47,750
= $ 1,782,870.40