Simple interest is best defined as

Simple Interest: The amount paid or earned for the use of money.

Step-by-step explanation:

To find simple interest, you can use this formula, I = prt. This stands for;

Interest = principal X interest rate X time.

Principal: The amount of money borrowed or deposited

Annual Interest rate (r) : Will be a %, but you need to write the % as a decimal.

Time: Written in years. If your time is given in months, then you divide the number of months by 12.

When you multiply all three of these together, you get the Simple interest.