{"id":1086,"date":"2017-01-11T01:00:24","date_gmt":"2017-01-11T01:00:24","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/waymakermath4libarts\/?post_type=chapter&#038;p=1086"},"modified":"2020-04-24T15:54:55","modified_gmt":"2020-04-24T15:54:55","slug":"introduction-how-interest-is-calculated","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/chapter\/introduction-how-interest-is-calculated\/","title":{"raw":"Introduction to Simple and Compound Interest","rendered":"Introduction to Simple and Compound Interest"},"content":{"raw":"<h2>What you\u2019ll learn to do: Calculate interest rate, time, initial deposit, and total balance of both simple and compound interest situations<\/h2>\r\nWe have to work with money every day. While balancing your checkbook or calculating your monthly expenditures on espresso requires only arithmetic, when we start saving, planning for retirement, or need a loan, we need more mathematics.\r\n\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5207\/2017\/01\/24155133\/credit-card-charge-card-money-bank-account.jpg\"><img class=\"aligncenter wp-image-4737\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5207\/2017\/01\/24155133\/credit-card-charge-card-money-bank-account.jpg\" alt=\"Four credit cards sticking out of the back pocket of a pair of jeans\" width=\"523\" height=\"349\" \/><\/a>","rendered":"<h2>What you\u2019ll learn to do: Calculate interest rate, time, initial deposit, and total balance of both simple and compound interest situations<\/h2>\n<p>We have to work with money every day. While balancing your checkbook or calculating your monthly expenditures on espresso requires only arithmetic, when we start saving, planning for retirement, or need a loan, we need more mathematics.<\/p>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5207\/2017\/01\/24155133\/credit-card-charge-card-money-bank-account.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4737\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5207\/2017\/01\/24155133\/credit-card-charge-card-money-bank-account.jpg\" alt=\"Four credit cards sticking out of the back pocket of a pair of jeans\" width=\"523\" height=\"349\" \/><\/a><\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-1086\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction and Learning Objectives. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Credit cards in pocket. <strong>Authored by<\/strong>: DMCA. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.pxfuel.com\/en\/free-photo-ebzau\">https:\/\/www.pxfuel.com\/en\/free-photo-ebzau<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":21,"menu_order":18,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Credit cards in pocket\",\"author\":\"DMCA\",\"organization\":\"\",\"url\":\"https:\/\/www.pxfuel.com\/en\/free-photo-ebzau\",\"project\":\"\",\"license\":\"cc0\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Introduction and Learning Objectives\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"afa2eac1-141a-4a77-8178-ba8002d96d2a","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-1086","chapter","type-chapter","status-publish","hentry"],"part":377,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/pressbooks\/v2\/chapters\/1086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/wp\/v2\/users\/21"}],"version-history":[{"count":10,"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/pressbooks\/v2\/chapters\/1086\/revisions"}],"predecessor-version":[{"id":4739,"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/pressbooks\/v2\/chapters\/1086\/revisions\/4739"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/pressbooks\/v2\/parts\/377"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/pressbooks\/v2\/chapters\/1086\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/wp\/v2\/media?parent=1086"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/pressbooks\/v2\/chapter-type?post=1086"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/wp\/v2\/contributor?post=1086"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/mathforliberalartscorequisite\/wp-json\/wp\/v2\/license?post=1086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}