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Answered

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Examine the differences between simple interest and compound interest. Explain how each is calculated.

Sagot :

Jacob098

Answer

Simple interest is based on the principal amount of a loan or deposit

Step-by-step explanation:

In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.

dilz27
Simple interest is calculated by the equation-

P x N x R

(P= principle amount)
(N= number of years)
(R= rate of interest as a decimal)

Whereas compound interest is calculated by the formula

P(1+R) to the power of N
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