MadhuvanthiMagge MadhuvanthiMagge
  • 13-12-2019
  • Mathematics
contestada

what is the difference between simple and compound interest?
write a simple definition of both and how to solve them.​

Respuesta :

morcar3498
morcar3498 morcar3498
  • 18-09-2020

Answer:

Step-by-step explanation:

Examples. A friend asks to borrow $300 and agrees to repay it in 30 days with 3% interest. How much interest will you earn? Simple interest is calculated on the principal, or original, amount of a loan. 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."

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