Simple interest is calculated on loans or investments when the fee or cost of using that money is included when the investment is paid off in one lump sum. The calculation of this interest is based on a very well-known formula. In the Discussion Board for this unit, you will have the opportunity to get creative.Simple InterestThe simple interest formula is I = Prt (Interest = Principal * rate * time). This is one way that interest is calculated on a loan or investment.Create a loan scenario: Tell a story about the purpose of the loan, who was involved, and explain the terms and conditions of the loan. Present your scenario to the class; make sure it includes values for three of the four variables for the simple interest formula. Do not solve the problem, but let your classmates complete the solution.Participation:Provide two replies to other student posts. These replies should be at least 2–3 sentences and should be written to further the discussion.Discussion Best PracticesThe Discussion Board is where you post your responses to the Discussion topics and share your experiences in completing exercises and applying the concepts of this course. You will need to post an initial response that thoroughly covers the topic(s). You will also need to respond substantially to at least two of your classmates’ posts. These replies should be at least 2–3 sentences that further the discussion (remark on something specific from the post, tactfully point out mistakes, ask questions about the post, etc.). You should post throughout the unit to get assistance on problems with which you may be having issues. This will also to give your classmates the opportunity to respond to your ideas.