Question

Why is simple interest useful for planning parts of your financial future? a. simple interest can endure unforeseen economic changes by fluctuating. b. simple interest generates more money than any other source of income. c. simple interest grows more quickly if you invest in it longer. d. simple interest is very regular and can be calculated in advance. please select the best answer from the choices provided a b c d

Answer 1

A bank with a simple interest savings plan will automatically transfer money from your paycheck to your savings account, letting you save without any extra effort.

Simple interest allows your money to earn money, so you have to save less.

What Is Simple Interest?

Simple interest is a quick and 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.

Where is simple interest used in real life?

Application of Simple Interest:

In our daily lives, sometimes, we come across a situation where we need to borrow money from a bank, post office or a moneylender for a specified period.

At the end of this period, we must pay back the money we had borrowed plus some additional money for using the lender's money.

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