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What is simple interest? A straightforward way to calculate the cost of borrowing or lending money

1 month ago   |   By Business Insider

Simple interest most commonly applies to short-term loans, like car loans, installment loans, personal loans, and some types of mortgages. Mangostar/Getty Images
Simple interest is the interest applied only to the original amount of money borrowed or deposited.
It's calculated by multiplying the interest rate by the principal payment, then by the time.
Simple interest does not accrue over time, making investments grow at a slower rate.
They say money doesn't grow on trees, but one way to make the most of what you earn is by paying attention to interest. Interest also comes in two forms...
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