Question

what is simple interest​

Answer 1

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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.

Extra information :

Formula of Simple Interest = A = P ( 1 + rt )

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Answer 2

Question:-

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▪︎What is simple interest?

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Answer:-

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Simple Interest is the interest on loan or saving account in this account holder only gain the interest only on their first time principal, no new principal has been made there were added .

Formula:

$\frac{Principal\ ×\ Time\ ×\ Rate}{100}$

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More to know:-

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▪︎Compound Interest is the Interest that is compunded annually, in which each year a new principal has been made by adding interest to the principal.

Formula:

$Principal×{(1+\frac{rate}{100})}^{time}$