Question

Define Principal,Rate of Interest and Simple Interest..

NO SPAM!!!​

Answer 1

Answer:

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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Answer 2

Answer:

Principal can be defined as the sum of money which is lent or invested on which interest is paid.

Rate of interest can be defined as the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

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.

Simple interest formula is

$\frac{p \times r \times t}{100}$