Define simple interest
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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.
Formula
A = P(1+rt)
A = final amount
A = final amountP = initial principal balance
A = final amountP = initial principal balancer = annual interest rate
A = final amountP = initial principal balancer = annual interest ratet = time (in years)
Hope its help you....
Answer:
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Step-by-step explanation:
Simple interest is a quick and easy method of calculating the interest charge on a loan