Question

difference between simple interest and compound interest ​

Answer 1

Answer:

Interest is the cost of borrowing money, where the borrower pays a fee to the lender for the loan. ... 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

Answer:

1)

Simple Interest is SI.

Compound Interest is CI.

2)

SI is Simple Interest.

CI is an Interest on an Interest.

3)

SI is not used by banks.

CI is used by banks.