Compound interest is defined as earning interest on both the principal amount saved and the interest accumulated over time, which accelerates financial growth. In the context of debt, compound interest refers to the accrual of additional interest on previously unpaid interest.

Authors

• Person: Not available Organization: Champlain College
  Financial Rules of Thumb: Your Money Management Cheat Sheet

Sources

• Financial Rules of Thumb: Your Money Management Cheat Sheet www.champlain.edu Champlain College via serper

Referenced by nodes (2)

• debt concept
• compound interest concept