Question

What is simple interest?​

Answer 1

Answer:

Simple interest is a quick and easy method of calculating the interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse 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.