Experts at Carleton acknowledged calculating add-on interest isn’t as prevalent as it once was with finance companies and other lenders using simple-interest calculations more often nowadays. However, ...

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A simple interest loan calculates the interest based only on the principal you owe. It stands in contrast to a compound interest loan, which calculates interest based on principal and any outstanding ...

There are two main types of interest that you’ll have to pay when you borrow money to pay for something: compound interest or simple interest. Simple interest, as it sounds, is the simplest and the ...