a) When interest is charged on the
principal and also on the interest
accured in the previous year, the
total interest payable at the end of
the period is termed as
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Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. Thought to have originated in 17th-century Italy, compound interest can be thought of as "interest on interest," and will make a sum grow at a faster rate than simple interest, which is calculated only on the principal amount.
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compound interest
compound interest
compound interest
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