Question

what is the difference between simple interest and compaund ????????????​

Answer 1

Answer:

Simple interest is based on the principal amount of a loan or deposit. In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.

Answer 2

Answer:

Simple interest is usually used when you take loans from landlords or from other lenders and compound interest is usually used when you take loans from bank.