Source: Flickr user Dafne Cholet. Simple interest refers to interest that's calculated solely based on the principal, and not any interest that has already accrued. The general formula for computing ...

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.

Need cash now? Use our Personal Loans Tool to lock in great offers in minutes! Calculating the interest rate on a personal loan can be difficult. Most lenders use simple interest rather than compound ...

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