🔢 Advanced Loan Calculator
📌 Frequently Asked Questions (FAQs)
🔹 What is Loan Interest?
Loan interest is the amount charged by a lender for borrowing money. It is typically a percentage of the loan amount.
🔹 What is Simple Interest?
Simple Interest is calculated as SI = (P × R × T) / 100, where P is the principal, R is the rate, and T is the time in years.
🔹 What is Compound Interest?
Compound Interest is calculated using the formula A = P (1 + r/n)^(nt), where n is the number of times interest is applied per year.
🔹 How Does Compounding Frequency Affect Loan Payments?
Higher compounding frequencies (e.g., monthly) result in higher total interest payments compared to annual compounding.
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