Answer:
Compound interest is when you gain interest on interest already gained but with simple interest you only gain interest on the original amount put in.
Explanation:
Answer:
Compound interest is calculated on the principal amount and also on the accumulated interest of previous periods. Simple interest is simple. Each year, the interest is calculated as a percentage of the principal, as follows: Interest= (principal) x (rate) x (time).
Explanation:
Edge 2020