![]() ![]() Simple interest is not to be confused with a compound rate of interest, though they both are kind of interests and are used for loans and deposits as well, but they are quite different in nature, let's discuss the differences between the two concepts. The loan tenor is multiplied by the percentage value obtained by multiplying the principal amount with interest rate percentage. ![]() Similar to the principal amount, this as too results in higher simple interest value with higher term. Tenor: This refers to the term of the loan.Higher principal amount generates more interest payable or earned. Principal amount: This is the defining factor of simple interest loan calculations, This is the actual value or the amount that was borrowed or the initial amount that you have invested in a fixed deposit.There are some factors that affect these calculations, let's find out what are these factors and how they affect the interest calculations. You just have to edit the values and get instant results and consider if you need to shop around some more to get a better deal. The calculator will show you the results that can be used to compare different products offered by various banks and financial institutions. On the basis of inputs made by you the calculator will provide you with values of Loan total payable & the monthly payment without following the above mentioned steps which saves your time and effort. ![]() Using the calculator can benefit you in several ways: Advantages of using the calculator You may use the online Simple Interest Loan Calculator created by iCalculator for simpler calculations. The other way to calculate the simple interest rate is to just enter the above values into the calculator. ![]()
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