Question

2 Name the three factors that determine simple interest.​

Answer 1

Answer:

There are only 3 common factors to be considered with regards to simple interest :

•Principal ☞ This is the amount of money being borrowed.

•Rate of Interest ☞This is the percent to be used to calculate the additional amount to be paid along with the principal.

•Time.

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Answer 2

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⛥Factors Of Simple Interest⛥

➩ There are only 3 common factors to be considered with regards to simple interest.

1. Principal

This is the amount of money being borrowed.This could be loaned from a bank or any loaning establishment or borrowed from a person. This will be the basis of how much will be paid with the additional compensation for borrowing.

2. Rate of Interest

This is the percent to be used to calculate the additional amount to be paid along with the principal. Common rates of interest ranges from 1 to 10% but it can also be higher depending on the agreement between the parties.

3. Time

This is the period from the beginning when the money was borrowed to the period that when the money should be returned with the additional amount (interest). This can also be called a term or deadline. This should properly and strictly be observed especially in huge amount of loans

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