Interest is a powerful concept in finance, and it's not always easy to understand how it works. Compound interest is a type of interest that can help you see how your money could potentially grow over time. Acorns has a Compound interest calculator that can help you calculate potential returns on investments. Additionally, you can use the Forbes Advisor mortgage calculator to see how much total interest you would pay over the life of a loan.
With the mortgage calculator, you can input variables such as your monthly mortgage payment (M), the principal amount (P), and the monthly interest rate (i). Knowing these variables can help you decide which lender to go with and what the best term is for your loan. Additionally, MarketBeat has a wide range of calculators that can help you compare various tenures and interest rate.
Bank interest rate can also vary depending on the type of account you open. For example, some banks offer higher interest rate for senior citizens. Additionally, you can use a fixed deposit interest calculator to compare the amount of money you'll have at the end of your tenure and the interest rate of fixed deposits offered.