What is Simple Interest..? Explain in few words..? | Munipalli Akshay Paul |
Simple interest is a straightforward way to calculate interest on a loan or investment, where the interest earned is only based on the initial principal amount and a fixed interest rate over a specific time period, without any compounding of interest.
This means that the interest earned remains constant throughout the loan term, making it a simple calculation to determine the total cost of borrowing or the total return on an investment.
Unlike compound interest, which adds interest to the principal amount, simple interest only applies the rate to the original principal, making it a commonly used method for short-term loans or savings accounts where the time frame is relatively short.
Key points about simple interest:
Formula: Simple Interest (SI) = (Principal amount x Interest rate x Time) / 100
Principal: The initial amount of money borrowed or invested.
Interest Rate: The percentage charged on the principal amount per year.
Time: The duration for which the money is borrowed or invested (usually expressed in years).
Simple interest is an interest charge that borrowers pay lenders for a loan.
It is calculated using the principal only and does not include compounding interest.
Simple interest relates not just to certain loans.
It's also the type of interest that banks pay customers on their savings accounts.
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