Interest rates on loans – Calculating the SI and influencing factors

The lender rate or interest rate is the amount charged by lenders during a certain period as a percentage of the amount loaned or deposited. The total interest on the amount or principal is determined by the length of time the amount is deposited or loaned.

Most loans use simple interest. However, some also use compound interest, which includes interest on the principal amount as well as interest previously accrued.

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