Question

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Answer 1

When someone lends money to someone else, the borrower usually pays a fee to the lender. This fee is called 'interest'. 'Simple' interest, or 'flat rate' interest. The amount of simple interest paid each year is a fixed percentage of the amount borrowed or lent at the start. Interest = Principal × Rate  ×  Time

Answer 2

Take the amount of the loan times it by the percentage to get the interest then add it to the amount of the loan. I believe that is correct