if the principal remains the same throughout the period, then interest paid at the end of the period of the loan taken is known as________.
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Answer:
if the principal remains the same throughout the period, then the interest paid at the end of the period of the loan taken is known as simple interest.
Step-by-step explanation:
Simple interest exists interest calculated on the principal amount of a loan or the original contribution to a savings account. Simple interest does not compound, indicating that an account holder will only gain interest on the principal, and a borrower will never hold to pay interest on interest already accrued.
If interest exists estimated uniformly on the original principal throughout the loan period it is named simple interest.
Simple interest exists calculated with the subsequent formula: S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually computed as the number of years.
Hence, if the principal remains identical throughout the period, then the interest paid at the ending of the period of the loan taken is understood as simple interest.
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