Math, asked by parshwasheth, 2 months ago

Definition of simple interest

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Answered by vishwa11747
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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.

This type of interest usually applies to automobile loans or short-term loans, although some mortgages use this calculation method.

Step-by-step explanation:

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