Calculating simple interest requires using the formula I = P*r*t, in which I=interest, P= principal, r=rate and t=time. Knowing the other elements of the formula makes calculating the interest due on a particular loan simple, according to About.com.
Interest is the fee that a person pays for taking out a loan, according to DebtHelp.com. The interest is determined by the interest rate as a percentage of the debt. Although interest rates can vary, the interest amount is added to the total loan.
A letter of interest to a prospective employer should not exceed one single typed page. The letter of interest should consist of three or four paragraphs, a signature line at the bottom and a reference to any enclosures, such as a resume or work sample.
Current interest rates can be found in a number of places, including The Wall Street Journal's Market Data Center, the Market Watch Web Portal and Bank Rate's Web Portal. Additionally, most banks and credit unions post their rates online or in their lobbies.
A simple interest loan is one where interest is determined by multiplying the interest rate times the principal times the number of periods. The reason that simple interest is referred to as simple is because it ignores the effects of compounding.
A simple interest calculator figures out the amount of interest that is earned and added to an initial investment amount. To calculate the interest amount, a person must provide the interest amount, interest rate and period of investment. The calculator does the math and displays the total amount of
To calculate interest, multiply the periodic interest rate by the principle amount. For example, if you borrowed $1000 with an interest rate of 10 percent, in a year your interest paid is $100.
The website Bankrate offers a continuously updated list of credit cards which offer low interest rates. Consumers should be aware that many of the cards require an excellent credit score and offer the lowest APR for an introductory period only.
The difference between simple interest and compound interest is that simple interest builds only on the principal amount, while compound interest builds on both the principal and previously earned interest. Because of this, compound interest always yields greater profits.
The Board of Governors of the Federal Reserve posts the federal interest rate on its website, FederalReserve.gov, as of July 2015. Daily updates of the weekly federal reserve rate are posted each Tuesday through Friday, while the weekly release is posted on Mondays, notes the Federal Reserve.