Question

Difference between Simple and Compound Interest... ?​

Answer 1

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Simple interest is only paid on principal, while compound interest is paid on the principal plus all of the interest that has previously been earned.

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Answer 2

Simple Interest is the rate at which we lend or borrow money.

Simple interest is money you can earn by initially investing some money (the principal). A percentage (the interest) of the principal is added to the principal, making your initial investment

Compound interest can be calculated using the formula A = P (1 + r/n) (nt), entering into it the initial principal amount (P), annual interest rate (r as decimal), time factor (t) and the number of compound periods (n).