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- We offer loans and mortages, latest low consumer interest rates, current interest, refiance rates, mortage rates, home loan rates. |
Hits : 174 |
| Mortage Interest Rates |
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| Description: |
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In our everyday life we keep hearing interest this, interest that. But how many of us ever thought about what interest is? From a borrower’s perspective interest is the difference between the amount of money borrowed and the amount of money repaid. While repaying the debt a borrower incurs so called interest expense. On the other hand, the money landing party earns interest revenue. Thus, in any particular lending situation interest revenue equals interest expense. The formula used to calculate the amount of interest is as follows:
Interest = Principal * InterestRate * Duration
where:
Principal - amount of money borrowed
InterestRate - percent paid or earned per year
Duration - number of years
For example when someone acquires a good or service and in exchange promises to make a series of payments to the supplier he or she enters a transaction called annuity. An annuity is a series of payments of equal amount separated by equal time intervals.
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