Question

simple interest define in maths​

Answer 1

Step-by-step explanation:

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.

Answer 2

Simple interest is the amount paid on a principal amount of money that is borrowed or loaned to someone. Similarly, you can as well earn an interest when you make a deposit of certain amount in a bank. Simple interest concept is majorly applied in various sectors including banking, mortgages, automobile, and other financial institutions.

The formula for Simple interest is given by:

SI = (P × R × T) / 100

Where;

SI = simple interest

P = principal

R = interest rate (expressed percentage)

T = time duration (in months or years)