### Formula

r

period interest rate

Isimp

simple interest

B0

initial balance

m

number of time periods

r

period interest rate

Isimp

simple interest

B0

initial balance

m

number of time periods

Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money,or money earned by deposited funds.rnSimple interest is calculated only on the principal amount, or on that portion of the principal amount that remains unpaid.

Isimp

B0

m

r

Precision

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