Loan Details
Enter loan information for interest calculation
Interest Calculation Results
Comparison of simple vs compound interest
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Simple Interest
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Compound Interest
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Total (Simple)
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Total (Compound)
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Extra Cost (Compound vs Simple)
Understanding Interest Types
Simple Interest
Interest calculated only on the principal amount. Formula: I = P × R × T
- • Fixed interest amount each year
- • Lower total interest cost
- • Common in short-term loans
Compound Interest
Interest calculated on principal plus accumulated interest. Formula: A = P(1+r/n)^nt
- • Interest compounds over time
- • Higher total interest cost
- • Common in credit cards, mortgages