How to Solve Questions based on Simple & Compound Interest?
Simple Interest Simple interest is defined as the principal amount of a loan or deposit made into a bank account. The total dollar amount of interest is determined by how long it takes to repay the loan. Simple interest is calculated using the following formula: Simple Interest=πΓπΓπ where: π=Principal amount =Annual interest rate π =Term of loan, in yearsβ Compound Interest Compound interest […]
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