Question

What is the definition of simple interest?
what is the definition of interest?

Answer 1

Answer: interest

1. the feeling of wanting to know or learn about something or someone
2. money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

simple interest

1. Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

Simple Interest=P×I×N

where:

P=principle

I=daily interest rate

N=number of days between payments

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Explanation:

Answer 2

Simple Interest : money you can earn by investing money.

Interest : money paid regularly at a particular rate for the use of money lent