How does a compound interest rate differ from a simple interest rate?

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asked May 17, 2019 92.2k views

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Yehoshua · Answer 1 · 2019-05-24T09:34:44+0000

A compound interest rate doubles each time you pay or “compounds” with the previous amount and adds up more and more every time. whereas a simple interest rate stays the same for the entirety of the time interest is paid.

How does a compound interest rate differ from a simple interest rate?

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