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Simple interest vs. compound interest Simple interest refers to the interest you earn on your principal balance only. Let's say you invest $10,000 into an account that pays 3% in simple interest.
First, start by calculating simple interest on an account holding $1,000. Let’s calculate 2.96% simple interest for one year, paid annually. You’d use the following formula: Principal X ...
If you've got a savings account that earns compound interest, you'll need to do a little more math. The formula for calculating compound interest on a savings account looks like this: Interest ...
Compound interest. Compound interest is interest accumulated from a principal sum and previously accumulated interest. It is the result of reinvesting or retaining interest that would otherwise be paid out, or of the accumulation of debts from a borrower.
The term annual percentage rate of charge ( APR ), [1] [2] corresponding sometimes to a nominal APR and sometimes to an effective APR ( EAPR ), [3] is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, [4] etc. It is a finance charge expressed as an annual rate.
Rate of return. In finance, return is a profit on an investment. [1] It comprises any change in value of the investment, and/or cash flows (or securities, or other investments) which the investor receives from that investment over a specified time period, such as interest payments, coupons, cash dividends and stock dividends.
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