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To calculate interest on a loan you have to pay attention to three factors: the interest rate, the loan amount and the payment term.
Whenever you ask for a loan, you are committed to returning the amount of initial money plus interest, these interests are the profits of the financial. To calculate the simple interest of a loan in pesos you must use a very simple mathematical formula, which will allow you to see how much money you will end up paying at the end of your loan installments.
To calculate the simple interest of a loan you have to have this information:
- loan amount (in the corresponding currency),
- interest rate (in decimal numbers), and
- payment term (usually in months, unless the interest rate is annual).
The simple interest on a loan is equal to the amount of the initial loan, for the interest rate (expressed in decimal numbers), for the number of periods you must pay (usually expressed in months).
So, in summary, the equation is like this:
Simple interest = Loan x Interest rate x Periods to be paid
Example
If you take out a loan for $ 500, with an interest rate of 3% to be paid in 6 months, the equation with the data would look like this:
Simple interest = $ 500 x 0.03 x 6 months
Simple interest = $ 90
An additional $ 90 pesos will be what Pedro pays extra on the value of the loan, that is, when he finishes his payments he will end up returning $ 590 to the bank ($ 500 of the loan + $ 90 of the interest generated in that period of time).
Now that you have learned how to calculate your interest, you are ready to take out your loan, ask for it through Fast and Easy in minutes and save time.
Alternatively, you can use the Calculator.
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