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What is the difference between simple interest and compound interest?

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In Simple interest, Principal amount is fixed, so you get fixed amount as an interest every year, while in Compound interest, the interest every year is added into the principal amount, so you get interest of interest every year. We can say that Amount in simple interest grows in Arithmetic Progression...
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In Simple interest, Principal amount is fixed, so you get fixed amount as an interest every year, while in Compound interest, the interest every year is added into the principal amount, so you get interest of interest every year. We can say that Amount in simple interest grows in Arithmetic Progression and Amount in compound interest grows in Geometric Progression read less
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In simple interest every year interest is added on the base value that is principle but in compound interest interest is calculated for the consecutive years by adding interest to the base value thus making it base value and so on.. Means interest is also charged on the interest
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Simple definition is... If the interest in not added in Principal it is Simple Interest and if interest is addedto principal then it is compound Interest.
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