Definition:Interest/Simple
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Definition
Simple interest is interest which is calculated on the principal only.
Examples
Arbitrary Example
The Interest on $\pounds 1000$ borrowed at $8 \%$ simple interest per annum is $\pounds 80$ per annum.
Also see
- Results about simple interest can be found here.
Sources
- 1998: David Nelson: The Penguin Dictionary of Mathematics (2nd ed.) ... (previous) ... (next): interest
- 2008: David Nelson: The Penguin Dictionary of Mathematics (4th ed.) ... (previous) ... (next): interest