Simple interest is paid only on the _________ ________.
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Simple interest is paid only on the _________ ________.
Simple interest is paid only on the principal amount.
The principal amount is the initial sum of money that is borrowed or invested, excluding any interest or additional charges. Simple interest is calculated using this principal, and it remains constant throughout the duration of the loan or investment. The formula for calculating simple interest is:
[ text{Interest} = text{Principal} times text{Rate} times text{Time} ]
where “Rate” is the interest rate and “Time” is the time period the money is borrowed or invested. If you need more assistance on this topic, feel free to explore our extended services page!