Discover Basic About Simple Interest
02/11/2021 Financial & Legal Services
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What is Simple interest? The concept of Simple interest is a quick and easy method of calculating the interest charge on a loan. They are determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments. In simple interest, the principal amount is always the same, unlike compound interest where we add the interest of the previous year's principal to calculate the interest of the next year.
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