Question

Difference between compound interest and simple interest formula

Answer 1

Compound interest is the addition of interest to the principal sum of a loan or deposit.

Simple interest is a quick and easy method of calculating the interest charge on a loan.

Simple Interest = (principal) * (rate) * (# of periods)

Diffrence» Simple interest is based on the principal amount of a loan or deposit, while compound interest is based on the principal amount and the interest that accumulates on it in every period. Since simple interest is calculated only on the principal amount of a loan or deposit, it's easier to determine than compound interest.

Answer 2

Answer:

si=prt/100

ci=p(1+r/100)^n

half yearly ci=P(1+r/100)^1/2n

A=co-OP

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