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John borrows $100 dollars from ed. They agree that john will pay back the loan in two months at a rate of 10 percent monthly. If john pays back exactly $120, then the interest was.

Sagot :

Tundexi

Since john pays back the amount of $120, then, the interest is known as Simple interest.

The Simple interest is the easiest method of calculating an interest rate on a loan.

  • However, the compound interest is entails interest derived on a loan based on initial principal and the accumulated interest over period of time

Hence, since john pays back the amount of $120, then, the interest is known as Simple interest because the interest is not accumulated.

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