Question

the difference between income and simple interest ​

Answer 1

Step-by-step explanation:

Simple interest is based on the principal amount of a loan or deposit, while compound interest is based on the principal amount and the interest that accumulates on it in every period. Since simple interest is calculated only on the principal amount of a loan or deposit, it's easier to determine than compound interest.

Answer 2

Anyone who thinks of taking a loan first looks at the cost of doing so. If you want to borrow then you will look at the lowest rates possible. However, from an investors point of view, a high rate will be beneficial.

When a borrower borrows money from a lender or any financial institution or banks, there is some extra amount that is charged on the total amount that is borrowed. This extra amount is termed as an Interest rate. Interest charged can be of two times Simple Interest vs Compound Interest. Simple interest is charged only on the loan amount and Compound interest is charged and calculated on the loan amount and on the accumulated interest

To summarize the concept of simple interest is the amount paid for the money borrowed for a fixed period of time. While in case of compound interest whenever the interest is up for payment it is added back to the principal amount. In this Simple Interest vs Compound Interest article, we will highlight the differences between simple interest and compound interest.

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