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Principal, rate, and time in. Interest and total out.
$1,500.00
Formula used
Interest = Principal x Rate x Time. Total = Principal + Interest.
Rate is entered as a percent and converted to a decimal in the math. Interest does not compound here.
Simple interest is common for short-term loans and some savings products.
Put two loan offers side by side and pick the cheaper total.
Unlike compound interest, each year earns on the original principal only.
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