| Interest is a concept related to money and saving. When you put money in the bank it accumulates interest. It is a reward for keeping your money in the bank. The bank uses your money so they pay you interest in return. They lend your money to people to invest which makes more money. If you save your money you get interest and your original amount will grow. There are two types of interest. Simple interest the interest is calculated only on the original amount. Compound interest is interest paid on your original amount and the interest amount. Your saving will grow faster on compound interest. Knowing about interest is important as it helps you save money, make it grow and make smart financial decisions. |
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