Money borrowed from commercial banks comes at a cost. This extra amount of money that a borrower has to pay back is known as interest, and the original sum is called principal. And the rate at which a ...

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 ...

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 ...