Question

what is simple intrest​

Answer 1

Answer:

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.

Answer 2

Explanation:

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Generally, simple interest paid or received over a certain period is a fixed percentage of the principal amount that was borrowed or lent.

For example, say a student obtains a simple-interest loan to pay one year of college tuition, which costs $18,000, and the annual interest rate on the loan is 6%.

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