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Compound interest
COMPOUND INTEREST

Definition: Interest that is paid both on the original amount of money saved and on the interest that has been added to it.
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* All six elements should be in.


1. Purposeful and necessary, especially for the lender!

2. Rate is the minimum prevailing in the market or is as per the agreements/conditions of the account/investment type.

3. Earlier addition to the interest on the initial saving was correct (to emphasize, see definition).

4. Calculation of the interest on new cumulative total is done correctly (connect to #3).

5. Sum (= payment) is credited timely and notification made promptly to the beneficiary (= account holder).

6. Payment serves purpose(s).
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.. NOT 'SIMPLE' !

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