Interest calculations fall into two categories. Simple interest and compound interest.
With Simple interest, you work out the interest on the initial amount based on the interest rate and you add that amount each year to the amount you have.
With Compound interest, the interest is calculated on the amount you currently have that year and aded to your amount.
Here is a short video explaining the 2 types using an example.
The full video lessons on both types of interest are found by following these 2 links.
Interest calculations fall into two categories. Simple interest and compound interest.
Here is a short video explaining the 2 types using an example.
The full video lessons on both types of interest are found by following these 2 links.
Nouri Dib