Simple interest applies a fixed rate, meaning that the interest remains the same for the lifetime of the loan or account. Compound interest, however, is calculated on your principal amount ...
It all comes down to one elementary mathematical principle: compound interest. Compound interest occurs when the interest that accrues to an amount of money in turn accrues interest itself.
Simple interest is more favorable for borrowers due to its non-compounding nature. Compound interest benefits ... owed on traditional mortgages, car loans, and personal loans.
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