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how to calculate simple interest vs compound interest. Compound interest equals the principal amount times one plus the annual interest rate raised to the number of years interest is applied less principal paid for a previous period. Interest P x 1 R N N x T - P.
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Simple Interest vs Compound Interest You want to earn as much interest as possible on your savings but not pay more than you have to when you borrow. Formula Of Compound Interest Compound interest is the addition of interest to the principal sum of a loan or deposit. Simple interest means that interest is paid or charged in the case of a loan on the original principal amount only.
The following formula can be used to find out the simple interest.
P The loan amount. What is the compound interest formula. Simple Interest P x I x N. Interest P x 1 R N N x T - P.
