Question

What is simple intrest?

Answer 1

simple interest.

you invest $100 in bank, and you get %3 interest every year.
so each year you will be getting $3.

Answer 2

compound interest

you invest $100 in bank at a %3 rate. (same situation)
the first year you will get 3 dollars so over all you will have a $103

(assuming the interest is compound once each year)

but the next year (if you don't withdraw anything from the account)

you will get 103 dollars PLUS 3 percent of 103 dollars (not just 3 percent of 100 dollars)

Answer 3

Do you have a specific problem that you need help with, that involves a simple interest?

Answer 4

No but thank you for the explanation

Answer 5

You welcome and Good luck !

Answer 6

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Answer 7

Thanks

Answer 8

You are welcome !

(I was offline, that's why I didn't reply right away)