Question

Difference between simple intrest and compound intrest

Answer 1

Answer:

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

Step-by-step explanation:

Answer 2

Major difference between simple interest and compound interest is :

● While the two kinds of premium or intrest will develop your cash after some time, there is a major distinction between the two.

● In particular, basic or simple intrest or premium is just paid on head, while compound interest is paid on the head in addition to the entirety of the intrest that has recently been earned.