Im confused between simple annual interest, interest and CI.
Sometimes 1.06 is taken then sometimes only 0.06
Cud someone pls explain I would be glad
It’s 1000 * (1 + 0.06) if you want to calculate the principal amount + the interest
It’s 1000 * (1 + 0.06) - 1000 * (1) = 1000 * (0.06) if you only want to calculate the interest
Could u pls provide an eg if possible