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The answer for rate in simple interest is =rate= simple interest\principle*time
Usually no. Most institutions charge (and pay) compound interest, NOT simple interest.Usually no. Most institutions charge (and pay) compound interest, NOT simple interest.Usually no. Most institutions charge (and pay) compound interest, NOT simple interest.Usually no. Most institutions charge (and pay) compound interest, NOT simple interest.
Simple interest refers to interest that is only paid on principal. Simple discount refers to the amount that is deducted from the amount of the loan.
Hey, if someone reads this, don't worry about it I already found the answer but thanks for worrying.
Simple interest is a term that is used for quickly calculating the interest charge on a loan.