what is the difference between simple and compound interest (include compounding more than once a year) pa sagot po pls
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what is the difference between simple and compound interest (include compounding more than once a year) pa sagot po pls
Answer:
Generally, simple interest paid or received over a certain period is a fixed percentage of the principal amount that was borrowed or lent. Compound interest accrues and is added to the accumulated interest of previous periods, so borrowers must pay interest on interest as well as principal
Step-by-step explanation:
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Answer:
The interest, typically expressed as a percentage, can be either simple or compounded. Simple interest is based on the principal amount of a loan or deposit. In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.