Module 6
Thus, compound interest implies “interest on the interest.” What are the simple interest and compound interest for three years if the initial amount borrowed is $1,000 and the interest rate is 10% per annum? Simple interest is calculated as follows. $1,000 x 0.10 x 3 = $300. Thus, the total amount owed at the of three years = $1,300 ($1,000 ... ................
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