The two most important families of sequences in elementary arithmetic: the arithmetic progression, in which at each step a fixed common difference dd is added, and the geometric progression, in which one multiplies by a fixed common ratio qq. For both, the closed form of the nn-th term and the formula for the sum of the first nn terms are derived, illustrated by the anecdote of Gauss and the legend of the chessboard, and linked to the comparison between simple interest and compound interest.