Principal is the amount you borrowed, and interest is the amount you pay to the lender as a charge for borrowing. To calculate interest, multiply the principal amount by the interest rate, then ...

Simple interest is used when a company borrows money for a loan. Usually this amount will be on a monthly basis. The formula for simple interest is principal times the interest rate times the period.

When you plan a personal loan, understanding how interest works is just as important as knowing the loan amount. Many people ...

Calculating the interest rate on a personal loan can be difficult. Most lenders use simple interest rather than compound interest, though, which makes the job a little easier. To calculate how much ...

Calculating Simple Interest is an excellent method to judge your savings in advance. However, calculating it for various interests and principal sums could be complex. This is where Excel comes to ...