Explanation:
Simple interest is a method to calculate the amount of interest charged on a sum at a given rate and for a given period of time.
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Simple Interest Example:
Simple Interest
1 Year S.I = (1000 ×5 × 1)/100 = 50
2 Year S.I = (1000 × 5 × 2)/100 = 100
3 Year S.I = (1000 ×5 × 3)/100 = 150