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The term “Principle” mainly defines the simple and compound interest on the basis of deposit or loan Principle amount. Compound interest is normally based on the principle amount and the simple interest is based on subsequently invested or taken from the bank.
Simple interest can be calculated by the user of a simple formula. In order to solve the problems regarding simple interest, the learners have to understand the concepts of the terms such as principal amount, rate of interest and time period.
The true discount is the amount of money saved by a buyer by preferring the instant payment option. Furthermore, subtraction of present worth from sum due gives the amount of true discount.
Compound interest, which is compounding annually but the time is fractional, means that the rate of interest varies each year; compound interest is more beneficial.
Compound interest helps the principal amount to grow faster than simple interest. The compound interest is significant to get more return through annually grown interest.
The word compounding refers to the method of getting interested not only in the principal amount but also in the rate of interest earned from previous years.
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