Greg DePersio has 13+ years of professional experience in sales and SEO and 3+ years as a writer and editor. Simple interest is calculated only on the principal balance of the loan each period. Knowing your loan's interest rate matters, as does learning how that rate is calculated.

Understanding the Context

Interest is either simple or compound. Are Personal Loans a Good or Bad Idea? Taking out a personal loan can ... Simple interest calculates earnings or payments based solely on the initial principal, while compound interest grows by calculating interest on both the principal and the accumulated interest over ...

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Key Insights

Simple interest is the interest applied only to the original amount of money deposited or borrowed. Calculating simple interest requires knowing your principal amount, annual interest rate, and time ... A simple interest loan doesn’t charge you additional interest on your accrued interest. In other words, the only interest you pay is on the outstanding principal balance of your loan. Auto loans and ...

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Final Thoughts

Whether you are paying interest or being paid interest, it's important to fully understand how that interest is calculated. There are two basic types of interest: simple and compound. How each type is ... Simple interest is paid only on the principal, e.g., a $10,000 investment at 5% yields $500 annually. Compound interest accumulates on both principal and past interest, increasing total returns over ...