Question

answer the question correctly to continue: which statement best describes the difference between simple interest and compound interest? simple interest and compound interest are calculated the same way. compound interest is only used for loans, while simple interest is only used for savings accounts. simple interest increases faster than compound interest over time. simple interest is calculated on principal only compound interest is calculated on principal and accrued interest.

Explanation:

Answer:

Simple interest is calculated on principal only while compound interest is calculated on principal and accrued interest.