Question

what in the difference between simple interest and compound interest

Answer 1

While both types of interest will grow your money over time, there is a big difference between the two. Specifically, simple interest is only paid on principal, while compound interest is paid on the principal plus all of the interest that has previously been earned.

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Answer 2

simple Interest =principle*time*rate/100
compound interest =principle - Amount
Amount =principle(1-rate/100)^time