simple interest

noun
interest payable only on the principal; interest that is not compounded.

Origin:
1790–1800

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
simple interest
 
n
Compare compound interest interest calculated or paid on the principal alone

Collins English Dictionary - Complete & Unabridged 10th Edition
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American Heritage
Science Dictionary
simple interest  
Interest computed only on the original principal and not on the sum of the principal plus accrued interest. The amount of simple interest remains constant. Compare compound interest.
The American Heritage® Science Dictionary
Copyright © 2002. Published by Houghton Mifflin. All rights reserved.
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Example sentences
The subordinate loan interest rate is calculated as simple interest per annum.
Sale or transfer of real property means the change of ownership of a fee simple
  interest in real property by any method.
Interest charged is simple interest at the rate in effect at the time the debt
  becomes overdue.
Simple interest from the end of each calendar year at a rate set by the public
  employees retirement board shall be included.
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