explain the types of interest
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Two main types of interest can be applied to loans—simple and compound. Simple interest is a set rate on the principle originally lent to the borrower that the borrower has to pay for the ability to use the money. Compound interest is interest on both the principle and the compounding interest paid on that loan.
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The interest rate is normally determined as a percentage of the original sum.
Simple Interest (also known as nominal interest) Simple interest is interest based on the original loan or saving amount. ...
Compound Interest. Compound interest is more complicated. ...
Borrowing Money. ...
Interest Measures.
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