Question

When the interest is calculated yearly, the simple interest and compound interest are same for the first year​

Answer 1

Answer:

Simple Interest

Simple interest is calculated using the following formula:

\begin{aligned} &\text{Simple Interest} = P \times r \times n \\ &\textbf{where:} \\ &P = \text{Principal amount} \\ &r = \text{Annual interest rate} \\ &n = \text{Term of loan, in years} \\ \end{aligned}

Simple Interest=P×r×n

where:

P=Principal amount

r=Annual interest rate

n=Term of loan, in years

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