Question

Correct my statement !

Describe, using complete sentences, the similarities and differences between calculating the balance of an account earning simple interest and the balance of an account earning compound interest.

Answer 1

The difference between a checking and earning a simple interest is that the rate doesn't get divide but the principle get's added again. In a account earning a compound interest is that the rate is compounded meaning it gets the divide by how many time like monthly example it get divided by 12 .