Question

what is simple intrest plz explain it

Answer 1

HII....FRND!! HERE IS UR ANS

✔Simple Interest: Interest paid or compound on the original principal only of a loan or on the amount of an account.

✔Simple Interest is a basic formula for calculating how much interest to apply to a principal balance. The formula for simple interest is :

Simple Interest = Interest Rate × Principal Balance

♦️FOR SIMPLE INTEREST UNDERSTANDING LET'S TAKE AN EXAMPLE...

✔FOR EXAMPLE, let's assume that John Doe puts $ 1,000 in his savings account. The bank pays 3% per year in interest. Using this information and formula above, we can calculate how much interest he will earn in a year :

Simple Interest = 0.03 × $ 1,000 = $ 30.

HOPE U HAVE UNDERSTAND SIMPLE INTEREST...✌✌

Answer 2

Simple interest is the amount of money that you get on a basic principal at a certain rate for some limited years