Question

What is simple interest and compound interest??
give the answer if You know ...

don't simply copy from internet

I want the correct definition and examples too

Answer 1

si = prt/100
ci=amount -principal

Answer 2

simple interest is the additional amount paid by the borrower interest is also paid by bank and other Financial institution on which money is deposited interest is calculated as percentage of the principal it follows that interest depends on the type for which the money is kept with them more the time more the interest


you may be surprised that without depositing more money how does a fish deposit is more interest than simple interest actually the interest given on fixed deposit is compound interest not simple interest compound interest every year that this is added compounded or mixed with principal and the new amount that is Principal plus interest for the first year is taken as the principal for next year