Simple interest: (SI) refers to the percentage

Simple interest (SI) refers to the percentage of interest charged or yielded on the principal sum for a specific period. Borrowed funds (loans), investments, and deposits are considered the principal sum. Calculating Simple Interest is easier than calculating compound interest . Also, the amount of interest remains the same through consecutive periods of borrowing or deposit. SI is the fee borrowers pay lenders. Under the simple interest method, interest is charged/earned only on the principal amount and there is no interest on interest . Simple Interest (SI) is the interest calculated only on the original principal for a specific period of time. Compound Interest (CI) is calculated on the principal and also on the accumulated interest from previous periods. Simple interest is the rate at which money is borrowed or lent over a fixed period. When a borrower takes a loan from a lender, they are required to repay both, original loan amount (principal), as well as an additional amount (interest), thus amounting to the total cost of using the borrowed funds. Missed The Deadline?