A charge for the use of money, usually figured as a percentage of the principal is called?

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22-07-2022
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A charge for the use of money, usually figured as a percentage of the principal is called?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-04T18:36:17+02:00

A charge for the use of money, usually figured as a percentage of the principal is called interest.

Simple interest is a very easy and quick method for calculating the interest charge on a loan.

Simple interest is calculated by multiplying the daily interest rate with the principal by the number of days that elapse between payments.

This type of interest is generally applied to automobile loans or short-term loans where the loans are for less than 12 months time period, whereas some mortgages also use this calculation method.

Simple interest benefits all the consumers who pay their loans on time or early each month because with this no additional amount gets added.

To know more about simple interest here:

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