Register

Which type of interest rate can cost you more on loans when you carry a balance from one month to the next?

Which type of interest rate can cost you more on loans when you carry a balance from one month to the next?
asked 85.0k views
5 votes
Which type of interest rate can cost you more on loans when you carry a balance from one month to the next?

asked
User Evgeny Kuznetsov
by
8.5k points

1 Answer

1 vote
Compound interest can make your savings grow faster. While you earn approximately $374.74 every five years with simple interest, you'll earn interest on the new balance (principal + interest) when you have an account with compound interest.
answered
User SGeorgiades
by
8.4k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

Who was Adam Smith ? Anybody?
What can turn igneous rock into sediment?
In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
Link Copied!