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Student life can be hard with all the subject knowledge bombarding on the head and exams flying around with assignments, research papers, deadlines, homework and so much more to go through. We all have been there and can relate to the same problems. To make your topic knowledge about interest rates, we present the topic with the easily understandable format at a variety of interest rates homework help.
Now, you all may be aware of interest rates and if not let’s get to know it in a concise manner.
Studying interest rates
The interest rate is a charge of borrowing money which the borrower has to pay as a part of using the money for a period of time till the money is returned back. It is also applicable to a person who lends money. A person receives interest rates amount as a part of salary by providing service of money to others. For example, we take a loan from a bank, and we pay the interest amount until we pay back the whole amount.
So, it is fairly assumable that you have the knowledge of what is the interest rates as you are reading the line here.
Let’s get to know the types of interest rates and where are they applied to a variety of interest rates assignment help.
There are various types of interests rates but, two of them are much popular than the others.
And those two are:
Simple interest and compound interest
A variety of interest rates assignment help explains simple interest is calculated on the main amount or principal amount for which the loan is taken. So, suppose the loan is taken for the amount of $10,000 then the principal amount will be $10,000. It will also include the percentages of the amount. For example, 3%. The duration of the loan is taken is also taken into account in the formula. Like, 3 years.
Principal Amount × interest rate percentage × n number of years = Simple interest
Above is the formula is given by A Variety of Interest Rates homework help. So, next thing is we will do is to put values in the formula.
$10,000 × 0.03 × 3 = $900
So, the interest amount with the simple interest is $900 on the taken money $10,000. We will have to pay $900 more as a part of interest to the bank for using their $10,000 for 3 years.
This is calculated on the principal amount as well as on the earned interest. Below is the formula of compound interest calculation.
Principal × interest rate = interest for Year One
(Principal + interest earned) × Interest rate = interest for Year Two
The interest of previous year is added to next year calculation, and it makes a huge difference in payment.
Our work on a variety of interest rates assignment help
Apart from these basic two types, at myhomeworkhelp.com we have explained every topic in details regarding interest rates.
So, learn with us to boost your knowledge and grades.