How to calculate simple interest on a loan Simple interest is most commonly used for short-term loans – like payday loans, or some types of personal or auto loans.

The formula for calculating simple interest in a savings account is Interest = P * R * T. Multiply the account balance by the interest rate by the time period.

Interest is defined as the cost of borrowing money or the rate paid on a deposit to an investor. It can be classified as simple interest or compound interest.

Operating profit is the total earnings from a company's core business operations excluding deductions of interest and tax.

Simply put, compound interest is interest earned on interest. It’s a powerful tool to maximize your savings, and there are several types of compound interest-earning accounts to choose from. We ...

Use this interest-only mortgage calculator to determine if this type of loan makes sense for your goals and financial situation.

Learn about and revise how to calculate percentages to solve real life problems, such as compound interest, with this BBC Bitesize GCSE Edexcel guide.

Learn the difference between simple and compound interest, what happens when you open a bank account or take a loan, with a KS3 Maths guide from BBC Bitesize.