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Simple Interest Is the Interest Computed on Principal Only,without Adding

question 17

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Simple interest is the interest computed on principal only,without adding the interest to the principal to determine future interest.


Definitions:

Offeror

The person or entity who makes a proposal or offer in a contract negotiation.

Offeree

The party to whom an offer is made in a contract situation.

Express Contracts

Agreements formed by explicit written or spoken language, precisely stating the terms and conditions of the contract.

Assignment

The movement of responsibilities, assets, or rights from one party to a different one.

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