formula for total interest
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Simple interest
- Gather information like your principal loan amount, interest rate and total number of months or years that you'll be paying the loan.
- Calculate your total interest by using this formula: Principal Loan Amount x Interest Rate x Time (aka Number of Years in Term) = Interest.
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Hey Mate Hope This Is Helpful...
Divide your interest rate by the number of payments you'll make in the year (interest rates are expressed annually). So, for example, if you're making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.
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