Explain different types of interest rates.
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Answer:
simple interest and compound interest
Explanation:
si=p×r÷100×t cip×(
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Different types of interest rates are Simple interest and Compound interest
Explanation:
There are two types of interest . they are simple interest and compound interest .
The formula to calculate Simple interest is \frac{p\times n\times r}{100}
and this calculated on principal amount.
Here P is Principal , N is number of Years , R is the rate of Interest
the formula to calculate Compound interest is p\times\left(1+\frac r{100}\right)^n
here the interest gets added to the principle and the cumulative is calculated
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