what is simple interest?
Simple interest is based on the principal of the loan or initial deposit into a savings account. Simple interest earns no interest. This means that the creditor only pays interest on the principal balance and the borrower does not have to pay interest on the previously accumulated interest.
simple intrest is based on the principle of the loan or initial deposit into a savings account. simple intrest earns no intrest this means that the creditors only pays intrest on the principle balance and the borrower does not have to pay intrest on the previously accumulated intrest
