To find your monthly principal payment on a simple interest loan, divide the principal by the months in the loan term. A loan calculator ... balance by the annual interest rate.

If your savings account earns you a 0.05% interest per year ... s because the effective interest rate also considers the effect of compounding. We’ll provide the formula later in the article.

You can typically calculate in months ... interest — many accounts use compound interest instead. The formula for simple interest requires your initial principal balance, annual interest rate ...