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simple interest

Guard Your Money, Know The Difference Between Simple and Compound Interest

Understanding the difference between simple interest and compound interest is a very important concept if you are trying to create wealth. Compound interest is like travelling in a rocket while simple interest is like doing the same on a bicycle when you compare the two over time. Let’s look at the following example. Simple Interest Imagine [...]

Classwork Series and Exercises {Mathematics – JSS3}: Compound Interest

JSS 3 Mathematics Second Term Week 3 Topic: COMPOUND INTEREST Simple Interest Interest is the payment given for saving money. It can also be the price paid for borrowing money. When interest is calculated on the basic sum of money saved (or borrowed) it called simple interest. To find the simple interest, use this formula: [...]