Question

Select the best definition for simple interest rates. Group of answer choices A percentage of the principal borrowed Interest that is calculate as a percentage of the principal A percentage of the principal saved Interest that is calculated as a percentage of the principal and previous accumulated interest that was added to the principal

Answer 1

Select the best definition for simple interest rates

A percentage of the principal borrowed Interest that is calculate as a percentage of the principal

Step-by-step explanation:

Simple interest is an easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.