What is the difference between simple interest and compound interest

Posted By Admin @ September 03, 2022

Question:

What is the difference between simple and compound interest?

Simple interest is paid on the principal only; compound interest is paid on both principal and interest.
Simple and compound interest are two names for the same thing.
Simple interest is paid as long as the money stays in the bank; compound interest is only paid for a year at a time.
Simple interest is paid once a year; compound interest is paid at least quarterly.

Answer:

Simple interest is paid on the principal only; compound interest is paid on both principal and interest.

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