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Compound interest (also called compound interest, compound interest, interest on interest, or compounding) is a type of interest where the amount of interest accrues over time as the principal (the initial amount invested or borrowed) grows.
Compound interest has been extensively used in financial practice for centuries to help save money on interest payments.
When the principal of an investment grows over time, the interest on the principal is added to the principal.
The interest, being part of the principal, increases at the same rate as the principal. Compounding is a way to increase the size of the principal, which means that compound interest is a way to increase the amount of interest owed.
As an example, if a bank lends a thousand dollars with an interest rate of 6% per year, the debt doubles in four years. This is because if the debt has $1,000 as an initial value, the interest is calculated for each of the four years and adds $100 each time (which is $1,600).
As the principal is increasing, this is called compounding.
There are different levels of compound interest, based on the frequency of compounding and the period in which interest is calculated.
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