Question

The interest charged for one year is called ______.
Saving account
Principal
Simple interest
ATM​

Answer 1

Answer:

simple interest is the correct answer

Answer 2

SOLUTION

TO CHOOSE THE CORRECT OPTION

The interest charged for one year is called

• Saving account

• Principal

• Simple interest

• ATM

EVALUATION

We know that in case of simple interest

P = Principal of money borrowed

R = Rate of interest per annum

T = Time period for which money is borrowed

I = Simple Interest

Then

$\displaystyle \sf{I = \frac{PRT}{100} }$

Now the interest charged for one year is called simple interest

FINAL ANSWER

Hence the correct option is simple interest

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