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Answers
Answer:
Simple interest is calculated on the principal, or original, amount of a loan. Compound interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as "interest on interest."
SI Formula S.I. = Principal × Rate × Time
CI Formula C.I. = Principal (1 + Rate)Time − Principal
Answer:
Generally, simple interest paid or received over a certain period is a fixed percentage of the principal amount that was borrowed or lent.
Simple Interest = P×r×n
where:
P=Principal amount
r=Annual interest rate
n=Term of loan, in years
And
Compound interest accrues and is added to the accumulated interest of previous periods; it includes interest on interest, in other words.With compound interest, borrowers must pay interest on the interest as well as the principal.
Compound Interest = P × (1+r)^t − P
where:
P=Principal amount
r=Annual interest rate
t=Number of years interest is applied
Compared to compound interest, simple interest is easier to calculate and easier to understand. When it comes to investing, compound interest is better since it allows funds to grow at a faster rate than they would in an account with a simple interest rate.