Question

Find simple interest if principle = 100 and rate = 8% and time =2 years​

Answer 1

Answer:

Investments earned on a scheme are calculated as gains accumulated against the interest accumulated. Such gains are compiled in either compound or simple interest. Interest is calculated on the principal amount.

Calculating the amount that you will gain after a certain period based on the interest is vital. If your investment accumulates funds based on the simple interest you can use a simple interest calculator. These calculators help you easily compute the total amount of funds you will be able to generate on maturity.