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Simple Interest Years Borrowed Paid 0 $1,000 1 2 3 $1,080 Compounded Interest Years Borrowed Paid 0 $1,000 1 2 3 $1,260

This document compares simple and compounded interest over 3 years. For simple interest, the amount borrowed ($1,000) increased by $80 over 3 years to $1,080. For compounded interest, the amount borrowed ($1,000) increased more over 3 years to $1,260 due to interest being calculated on accumulated balances each year.

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Ahmed El Tayebi
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38 views1 page

Simple Interest Years Borrowed Paid 0 $1,000 1 2 3 $1,080 Compounded Interest Years Borrowed Paid 0 $1,000 1 2 3 $1,260

This document compares simple and compounded interest over 3 years. For simple interest, the amount borrowed ($1,000) increased by $80 over 3 years to $1,080. For compounded interest, the amount borrowed ($1,000) increased more over 3 years to $1,260 due to interest being calculated on accumulated balances each year.

Uploaded by

Ahmed El Tayebi
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Simple interest Years Borrowed Paid 0 $1,000 1 2 3 $1,080 Compounded interest Years Borrowed Paid 0 $1,000 1 2 3 $1,260

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