- Definition
Simple interest is when you only pay extra money (interest) on the original amount you borrowed or saved, not on any interest that has already built up. It's like paying a flat fee for using someone else's money.
simple interest is a term used in Ontario’s Kindergarten to Grade 8 curriculum.
The descriptions on this page are SmartStudy’s own original, plain-language writing — not the Ministry’s wording. They are aligned to the Ontario Curriculum, © King’s Printer for Ontario. For the Ministry’s official wording, see the source link below. SmartStudy is an independent service and is not affiliated with, endorsed by, or sponsored by the Government of Ontario or the Ministry of Education. Ontario Curriculum and Resources ↗
