Question

Define simple interest​

Answer 1

Answer:

Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account. Simple interest does not compound, meaning that an account holder will only gain interest on the principal, and a borrower will never have to pay interest on interest already accrued.

Formula

A = P(1+rt)

A = final amount

A = final amountP = initial principal balance

A = final amountP = initial principal balancer = annual interest rate

A = final amountP = initial principal balancer = annual interest ratet = time (in years)

Hope its help you....

Answer 2

Answer:

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Step-by-step explanation:

Simple interest is a quick and easy method of calculating the interest charge on a loan