Simple Interest and Compound Interest Nirmali

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Simple Interest and Compound Interest Nirmali Borah Assistant Professor Paschim Guwahati Mahavidyalaya Simple Interest and Compound Interest Interest is defined as the cost of borrowing money. It can also be the rate paid for money on

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Simple Interest and Compound Interest Nirmali Borah
Assistant Professor
Paschim Guwahati Mahavidyalaya<br>
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Simple Interest and Compound Interest Interest is defined as the cost of borrowing money. It can also be the rate paid for money on deposit, as in the case of a certificate of deposit. Interest can be calculated in two ways: 
Simple Interest
Compound Interest<br>
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Difference between Simple Interest and Compound Interest Simple interest is calculated on the principal, or original, amount of a loan.
Compound interest is calculated on the principal amount and the accumulated interest of previous periods and can, therefore, be referred to as “interest on interest.”
There can be a big difference in the amount of interest payable on a loan if interest is calculated on a compound basis rather than on a simple basis. But the magic of compounding can work to your advantage when it comes to your investments. It can be a potent factor in wealth creation.
 Simple Interest and Compound Interest are basic financial concepts, but becoming thoroughly familiar with them may help you make more informed decisions when you're taking out a loan or investing.<br>