M4 CAT Caitlyn Madex

Simple Interest VS Compound Interest

Simple Interest : Simple Interest is when you multiply the interest rate by the principle by the time that elapse between payments.

I = P x R x T

Compound Interest : Compound Interest is when you multiply the interest rate by the principle by the time that elapse between payments then add the simple Interest to the principle and do it all over again.

0 - $1,000.00 ($1,000.00 x 10% =) $100.00 - $1,100.00

1 - $1,100.00 ($1,100.00 x 10% = ) $110.00 - $1,210.00

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