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 ...

Many people aspire to own homes, and a mortgage is one of the best ways to do it. If you recently got a mortgage or want to learn more about how this financial product works, it’s important to know ...

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 ...

Simple interest calculates earnings or payments based solely on the initial principal, while compound interest grows by calculating interest on both the principal and the accumulated interest over ...

If you have a savings account, you might want to know how much you’ll earn in interest for parking your cash there. Fortunately, calculating interest on a savings account is not as tough as you might ...