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KIM [24]
3 years ago
15

What's the difference between simple and compound interest?

Social Studies
2 answers:
Dovator [93]3 years ago
6 0
Simple interest is calculated based on the amount deposited.

Compound interest is calculated based on the amount deposited AND the previous interest (it adds on)
babunello [35]3 years ago
3 0
Simple interest is just calculated on the basis of the principal amount , time period and rate while compound interest is calculated by including the  interests of previous periods as well...  
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