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Simple Interest Formula

Simple Interest Formula

Submitted by • September 6, 2012

Interest is defined as the amount which is paid by a borrower to the person from which amount is borrowed. This amount is paid as compensation to the owner. When an amount is borrowed, an Interest is paid to the owner. Interest rate is determined by taking a Percentage of principal and it is paid as a fee for a specified Period of time. Mainly there are two types of interests commonly known as simple interest and Compound Interest.

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Voted by csjangir111

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