what is difference between simple interest and compound interest???just explain
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Simple interest is based on the principal amount of a loan or deposit, while compound interest is based on the principal amount and the interestthat 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 thancompound interest.
shreyance:
thanx for answer
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in simple interest , the interest remains same and in compound interest the interest keeps changing every year
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