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11-12-2021
Mathematics

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What is the difference between the simple and compound interest if you borrow $3,000 at a 6%
interest rate for 2 years?

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jackpo0703 jackpo0703

12-12-2021

Simple interest rate is based solely on the principal amount so total money owed = 3000*1.06
Compound is based on the principal amount and interest (interest on interest)
If we assume the money is compounded annually the total money owed would be
3000*1.06^2

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