When was simple interest first charged on loans When was compound interest first given in investments?

Answer 1

Simple interest has been used for thousands of years, with evidence of its application dating back to ancient Mesopotamia around 3000 BCE. Compound interest, however, began to be recognized and utilized more formally in the Middle Ages, with its mathematical principles being documented in the 15th century. The concept gained wider acceptance during the Renaissance, particularly in the 16th century, as financial practices became more sophisticated.