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Most important toipc for CS Foundation Simple Interest

Most important toipc for CS Foundation Simple Interest

   Most important toipc for CS Foundation Simple Interest

  • What is Interest?
Interest is the consideration paid by the borrower to the moneylender for the use of his money.
The concept of interest involves two persons:
Money Lender (who gives the money)
Borrower (who takes the money)
Some Related Terms:
  1. Principal: It is the initial value of lending or the sum which is borrowed.
  2. Rate of Interest:It is charged for the defined length of time for use of principal. Generally, it is charged on a yearly basis.
  3. Amount:the final value of an investment. It is the sum total of the principal and interest earned.
  4. Time: The period for which the money is used.
  5. Interest: The extra amount charged by the money lender.


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