what is simple interest???
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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.
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- SIMPLE INTEREST IS A QUICK AND EASY METHOD OF CALCULATING THE INTEREST CHARGE ON A LOAN.
- FORMULA OF SIMPLE INTEREST IS:
A=P(1+rt)
A = P (1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
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