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Bank interest is a specified percentage of money deposited into an account or received on credit. When opening a deposit account, we receive a percentage from the bank for the use of our money, and, conversely, when issuing a loan, we assume the obligation to pay interest on the amount provided. Bank interest differs from mathematical interest since it implies the amount formed by the agreed date. And for each investor, you need to know exactly what simple and complex interest concepts and formulas are to determine which contribution will be most beneficial for him.
Interest money, or interest, is the amount of income from lending money. If interest is paid to the creditor and is subsequently charged again on the initial amount, then such interest is called simple. The new calculator allows you to calculate the growth rate and the accumulated amount of the deposit at simple interest. Simple interest is a method of calculating interest, in which accruals occur only on the initial amount of the deposit (debt), regardless of the term. Simple interest is used in cases where the base for calculating interest is always equal to the initial investment amount. These can be special bank deposits, interest on a loan. Also, simple interest is used when the investor regularly withdraws profit - the initial amount works in each period.
The interest rate is the percentage that the client receives for placing funds on the deposit for a certain period. An annual percentage rate is usually implied. If the term of the deposit is more or less than a year, to calculate the income, it is necessary to bring the rate to the real term of the deposit. However, the benefits of a bank deposit are assessed not only by the interest rate. The method of calculating interest has a great influence on profitability. In the financial sector, there is the concept of simple and compound interest.
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