Simple Interest. When money is borrowed, interest is charged for the use of that money for a certain period of time. When the money is paid back, the principal (amount of money that was borrowed) and the interest is paid back. … The formula for finding simple interest is: Interest = Principal * Rate * Time.

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Step-by-step explanation:Simple Interest. When money is borrowed, interest is charged for the use of that money for a certain period of time. When the money is paid back, the principal (amount of money that was borrowed) and the interest is paid back. … The formula for finding simple interest is: Interest = Principal * Rate * Time.