defination of simple intrest and time and principal
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Simple interest is calculated only on the original sum of money, which is known as the principal. To calculate simple interest, use this formula: Principal x rate x time = interest. For example, say you invest $100 (the principal) at a 5% annual rate for one year.
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Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments
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