__What is interest?__Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

__Terms to familiar yourself with:__

Principle [P] - The initial sum of money to calculate the interest on, also commonly known as the amount borrowed.

Interest Rate [r] - The percentage of the principle that will be paid as an interest in a certain time period.

Time [t] - Regular-spaced time intervals to collect interest.

__Simple Interest__**Interest [I] = P x r x t**

__Formula__:Compound Interest includes interest on interest already paid or changed.

__Compound Interest Formula:__I = P(1+(r/100)^t - P

how the formula is derived:

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