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Softa [21]
3 years ago
14

What is a detailed example of simple interest?

Mathematics
1 answer:
Sonbull [250]3 years ago
5 0

Answer:

Car loans, amortized monthly, and retailer installment loans, also calculated monthly, are examples of simple interest; as the loan balance dips with each monthly payment, so does the interest. Certificates of deposit (CDs) pay a specific amount in interest on a set date, representing simple interest

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