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This article explains how to calculate interest on loans, highlighting the differences between simple interest and amortized interest. Simple interest is often used for short-term loans with fees based solely on the principal, while amortized interest is commonly applied to larger loans like mortgages and personal loans, where interest payments decrease over time. It outlines formulas for calculating both types of interest and discusses factors influencing interest rates, such as loan amount, credit score, and repayment terms.
Source: YAHOO