Mathematics · Interest Concepts
Given below are two statements: Statement I: If the interest on a sum borrowed for a certain period is reckoned uniformly, then it is called compound interest. Statement II: The money borrowed or lent out for a certain period is called simple interest. In the light of the above statements, choose the correct option:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement I is false but Statement II is true
- 2Statement I is true but Statement II is false
- 3Both Statement I and Statement II are false✓
- 4Both Statement I and Statement II are true
Correct answer
Both Statement I and Statement II are false
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