Question

What is the formula for Simple Interest and Compound Interest?​

Answer 1

Answer:

It is easier to calculate simple interest than compound interest since simple interest is calculated only on the principal amount of a loan or deposit. The formula for simple interest is Interest = Principal x Rate x Time. To compute compound interest we use the formula: Amount = P*(1 + r/100)t.

please support me friends ❤

Answer 2

Step-by-step explanation:

$simple \: interest \: = \frac{p \times r \times t}{100}$

$compound \: interest \: = p(1 + i) {}^{t} \: - p$