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what is compound interest in business math. When you borrow money from a bank you pay interest. This addition of interest to the principal is called compounding.
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Compound interest is a way of life in our society. Compound interest is interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. Compound interest is when a bank pays interest on both the principal the original amount of moneyand the interest an account has already earned.
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Compounding of interest is very common. Learn more about compound interest the math formula for calculating it on your own and how a worksheet can help you practice the concept. IPxrxtWhere P principal r interest rate t time in year MAT 1013 6. Compound interest is the investment rate that increases exponentially.
