You put your $100 in a savings account and earn 12% APR.At the end of one year,you earned $12.00 in interest.This is an example of simple interest.

Name: You put your $100 in a savings account and earn 12% APR.At the end of one year,you earned $12.00 in interest.This is an example of simple interest.
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Question

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This statement is an example of simple interest and the amount earned is calculated based only on the initial principal and interest rate for one year.

You Put Your $100 in a Savings Account and Earn