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GCSE Mathematics · key term
Interest calculated on the current balance, so earlier interest can itself earn interest in later periods.
Used by AQA, Edexcel and OCR
Specification R16 · Paper 1, Paper 2, Paper 3
Revise: Growth and DecayCompound interest is repeated percentage growth applied to money. Interest is added to the balance, and the next period's interest is calculated from that new balance.
Specification R16 · Paper 1, Paper 2, Paper 3
Interest calculated on the current balance, including any interest already added in earlier periods.
Revise: Growth and DecayCompound interest is repeated percentage growth of a balance.
Specification 5.03a · Paper 1 (Foundation), Paper 2 (Foundation), Paper 3 (Foundation), Paper 4 (Higher), Paper 5 (Higher), Paper 6 (Higher)
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