What is simple interest?
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Car loans, amortized monthly, and retailer installment loans, also calculated monthly, are examples of simple interest; as the loan balance dips with each monthly payment, so does the interest. Certificates of deposit (CDs) pay a specific amount in interest on a set date, representing simple interest.
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Certificate of deposit (CD)'s pay on specific amount in interest on a set date representing simple interest
Step-by-step explanation:
formula: A=P(1+rt)
A=finial
P= initial principle balance
r=annual interest rate
t= time{in year]
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