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From The Glossary »

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Simple interest:

Simple interest is straight forward interest, for instance, if you invest R1 000 at a simple interest rate of 12% per year, you will earn interest of R120 making your saving a total of R1 120 after the first year. For as long as your money is invested you will earn 12% per year, i. e. R120, that is added to your original investment of R1 000.
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