This Is A Python Program To Find The Simple Interest From Recieving The Input From Users
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.
Datas: Principle As P, Time Duration As T, Rate Of Interest As R
The bank may use different types of interest rates over your deposits and loan amount. These include a simple and compound interest rate they use on your deposits and borrowed amounts. Simple interest rate loans have lesser obligations for borrowers to fulfill compared to a compounding interest rate-based loan.