SimpleInterest | ||||||||
Interest, payment made for the use of another person's money; and is regarded more specifically as a payment made for capital. Economists also consider interest as the reward for thrift; that is, payment offered to people to encourage them to save and to make their savings available to others. Interest is usually paid only on the principal, that is, on the sum of money loaned, and it is called simple interest. |
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Copyright 2001. Don Bosco Technical College |
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