GenMath
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- Hey Guys! Do you think I should buy a Car?
- Yea, let's go to the bank. We'll help you bro.
- How about you take a loan at the bank?
- We would like to request a loan.
- I can give you this deal of loan!This loan is called Simple Interest.The interest calculated on the principal portion of a loan or the original contribution to a savings account
- To further explain, Simple interest is calculated on the principal portion of a loan or the original contribution to a savings accountFor Example, you borrow $20000 with a 10% rate of interest and you have to pay it back in 18 months or 1.6 years.The Interest monthly will be $320
- Here is another deal. This loan is called Compound Interest. This type of loan makes you pay interest on top of an interest. Every time the principal loan amount accumulates interest, it's then added to the principal, which then grows over time.
- To further explain compound interest, Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.For example,You borrowed a principal of $20000 with an interest rate of 12% and a limit of 30 months or 2.6 years. You'll pay an interest that costs $20634
- I think it would be easier to take the Simple loan interest.
- Well then this deal is done. We'll loan the money that you need and just pay it before the deadline.
- The 3 friends then went on to buy the car that they want.
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