Loans! They can be very confusing for some people. First, you need to learn about some basic personal finance concepts. Interest is a fee associated with the cost of a loan. Generally, you pay a certain percentage on top of the loan. This additional money is often added to the principal (or original loan amount) and compounded (a method where interest is calculated based on the new total). There are many loan interest calculators on the internet.
A little assignment goes to a loan calculator website (you can find one easily by doing a Google search). When on the site, … Read More