Question

If the simple interest on a certain sum for 1st year is Rs 200 then simple interest at the same rate for 3rd year?

Answer 1

Answer:

Interest, in finance and economics, is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.