Question

what is simple interest​

Answer 1

Answer:

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.

Simple Interest=P×I×N

where:

P=principle

I=daily interest rate

N=number of days between payments

Answer 2

Answer:

Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account. Simple interest does not compound, meaning that an account holder will only gain interest on the principal, and a borrower will never have to pay interest on interest already accrued.