Simple interest is paid only
on the principal borrowed
outstanding balance
projected balance.
Simple interest is paid
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Simple interest is paid only
on the principal borrowed
outstanding balance
projected balance.
Simple interest is paid only on the principal borrowed.
Explanation: Simple interest is calculated using the principal amount, which is the initial sum of money loaned or invested. Unlike compound interest, simple interest does not consider interest that accumulates on previously earned interest; it only applies to the original amount. This makes it straightforward to calculate and understand.