Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account. Simple interest does not compound, meaning that an account holder will only gain interest on the principal, and a borrower will never have to pay interest on interest already accrued.
You can calculate simple interest in a savings account by multiplying the account balance by the interest rate by the time period the money is in the account.
Here's the simple interest formula: Interest = P x R x N.
P = Principal amount (the beginning balance).
R = Interest rate (usually per year, expressed as a decimal).
N = Number of time periods (generally one-year time periods).
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