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Calculating simple interest or the amount of principal, the rate, or the time of a loan can seem confusing, but it's really not that hard. Here are.
One use of the RATE function is to calculate the periodic interest rate when the amount, number of payment periods, and payment amount are known. For this example, we want to calculate the interest rate for $5000 loan, and with 60 payments of $93.22 each. The NPER function is configured as follows:
To figure the weighted average interest rate, multiply the balance of each loan by the interest rate. Next, add the results together to find the total per weight loan factor. Third, divide the result by the total of all the loans. For example, say you owe $3,000 at 5 percent, $5,000 at 4 percent and $2,000 at 7 percent.
Simple Interest Calculator Simple interest is money you can earn by initially investing some money (the principal). A percentage (the interest) of the principal is added to the principal, making your initial investment grow!
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Here is the calculation: Effective Rate on a Simple Interest Loan = Interest/Principal = $60/$1000 = 6 percent. Your annual percentage rate or APR is the same as the stated rate in this example because there is no compound interest to consider. This is a simple interest loan.
In mid July, the average rate for a 5/1 ARM (the interest rate. You can use the Tri-Refi Calculator at HSH.com to estimate.
How to Calculate Interest Rate. If you know the amount of a loan and the amount of interest you would like to pay, you can calculate the largest interest rate you are willing to accept. You can also look at your interest payments in a year.
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An interest rate determines the amount of interest a borrower will pay over the course of the loan, on top of the original loan balance. When taking out a new loan, keep track of the interest rate, especially if it’s a variable interest rate, which has the ability to change over the course of the loan.
As a general rule, for the same interest rate, the longer your term length, the more your cumulative interest charge will be. Let’s continue the example above to illustrate this principle. Suppose still that you are financing your $12,000 car with a car loan requiring you to pay a 10% interest rate.