what is simple interest
AnisCullen:
if interest is calculated uniformly on the original principal throughout the loan period it is called simple interest
plz rate me
if you can
Answers
Answered by
1
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.
Answered by
1
Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account.
A = P ( 1 + RT)
where,
A = final amount
P = initial principal balance
R = annual interest rate
T = Time (in years)
I hope it's help for you ☺️
Similar questions