The Interest is the cash paid by the borrower to the moneylender.
The Compound Interest is the sort of interest where the chief sum differs with the adjustment of time.
Given,
Principle Amount (p) = $1500
Interest (r) = 4%
Time Period (t) = 2 years.
Compound Interest calculation formulae:-
A = P*(1+r/100)^r
A = $1500*(1+4/100)^2
A = $1500*(1+0.04)
A = $1500x1.08
A = $1622.4
The A/C balance after 2 years is $1622.4.
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