Question

Explain Simple Interest

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Answer 1

Answer:

simple interest means the amount to be paid after taking loan

interest =prt/100

Answer 2

Answer:

Simple interest is one way that interest can be calculated on a loan or investment. ... The standard formula is I = Prt, with “p” being the principal on the loan, “r” being the rate at which interest is being charged, and “t” being the time over which interest is being charged.