Question

what is simple interst​

Answer 1

Answer:

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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Answer 2

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Simple interest is a quick and easy method of calculating the interest charge on a loan. It is typically used when calculating interest on a loan.

Formula for calculating simple interest :-

P × R × T

Where P = principal amount

R = rate

T = time