Finance Education - Daily Simple Interest
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EnglishVoice Age
Middle Aged (35-54)Accents
North American (General) North American (US General American - GenAM)Transcript
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daily. Simple interest is a method used to figure out the interest on loans. As the name suggests, interest accrues daily on the unpaid principal amount. Here's how it works. Let's say you borrow $3000 for auto repairs at a 25% interest rate and a three year term, you would, 0 $1294.8 of interest over the life of the loan.