Knowing your loan's interest rate matters, as does learning how that rate is calculated. Interest is either simple or compound. If you have a simple interest loan, interest is based only on the ...
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How To Calculate Interest on a Loan
When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...
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