Question

e question below.)
The amount of interest charged under compound interest is
than simple interest​

Answer 1

Answer:

thanks for the points thanks for the points

Answer 2

Answer:

The answer is more.

Step-by-step explanation:

i) Interest is defined as the additional amount a borrower must pay to a lender above the principal sum, determined at a particular rate.

ii) Interest is applied over a definite period of time, mainly in two ways: simple and compound.

iii) In simple interest method, the interest is calculated over the principal amount annually.

iv) In compound interest, the interest is calculated on the basis of principal amount plus the interest that has been applied on the principal amount during that period of time.

v) Hence, if the interest rates are equal, compound interest is greater than simple interest over the same principal amount.

vi) Hence, the answer is more.

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