Question

1) What is meaning of compound interest?
2) What is meaning of simple interest?
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Answer 1

Answer:

Simple interest is based on the principal amount of a loan or deposit. In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.

Answer 2

1.) Compound interest is the interest you earn on interest. This can be illustrated by using basic math: if you have $100 and it earns 5% interest each year, you'll have $105 at the end of the first year. At the end of the second year, you'll have $110.25.

2.) Simple interest is based on the principal amount of a loan or the first deposit in a savings account. Simple interest doesn't compound, which means a creditor will only pay interest on the principal amount and a borrower would never have to pay more interest on the previously accumulated interest.

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