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Simple interest works in your favor when you borrow money, while compound interest is better for you as an investor.

Simple interest is used when a company borrows money for a loan. Usually this amount will be on a monthly basis. The formula for simple interest is principal times the interest rate times the period.

It is crucial to pay attention to the borrowing jargons as it helps you understand how you pay up your loans. (Image; Financial Express) When taking a loan, understanding the interest calculation ...