disclaimer-Simple- interest could the amount of money the loan sharks earn per month... Interest could be what you own me...
But simple interest is easy... But compound interest??? Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on. The act of declaring interest to be principal is called compounding (i.e., interest is compounded). A loan, for example, may have its interest compounded every month: in this case, a loan with $100 principal and 1% interest per month would have a balance of $101 at the end of the first month.
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