If interest is defined as a certain percentage per month, does it compound monthly or is it still simple inter

Answer 1

Simple interest is hardly ever used anymore.

It is certainly compound interest.

Answer 2

It depends on what context you are talking about.

Often times, if you're getting a loan, they'll state the sum of the monthly interests to make it look lower.

If you're talking about a bank account, they usually compound daily and give you money monthly.

Simple interest by year isn't as common as monthly if you're given the monthly rate.

Answer 3

you'll have to ask. It depends how it's worked out. Some are compounded continuously, daily, monthly. It all depends. It has nothing to do with the rate, just the terms agreed to

Answer 4

i think since we are talking about intrest , we should not forget Einstein's law or relativilty. so depending on the intrest, it gets either to be compound or simple... for instance the compound intrest would apply for things like having fun stuff, and it would remain simple for stuff like working, studing ....basically realtively speaking, compounded intrest inclined toward the more likeable stuff in life...and simple intrest for the more monotonous and boring stuff .i hope you have relatively understood what i meant to say....if not then i am good at getting Einstein. lol