Question

Simple interest or compound interest different

Answer 1

simple interest is the sum paid for using the borowed money, for a fixed period. On the other hand, whenever the interest becomes due for payment, it is added to the principal, on which interest for the succeeding period is reckoned, this is known as compound interest.

Formula: Simple Interest = P×i×n

Where P = Principal Amount

i = rate of interest

n = number of years

Formula: Compound Interest = P {(1 + i)n – 1}

Where, P = Principal

n = number of years

i = rate of interest per period

Hope it helps

Answer 2

Answer:

SIMple interest is paid or lent money  for the given duration of and ci is the money is calculated on 1 year

Step-by-step explanation: