what is simple interest ?
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what is simple interest ?
Ans.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.
Formula
A = P (1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
Step-by-step explanation:
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I hope it's help you
Step-by-step explanation:
in short form ,simple interest = SI
SI = p×t×r /100
P = principal
T = time
R = rate
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