What is the formula for difference between compound interest and simple interest formula?
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Compound interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.” There can be a big difference in theamount of interest payable on a loan if interest iscalculated on a compoundrather than simple basis.
Plz make my answer as brainalist one ..
Compound interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.” There can be a big difference in theamount of interest payable on a loan if interest iscalculated on a compoundrather than simple basis.
Plz make my answer as brainalist one ..
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