d3sign / Getty Images The formula for calculating simple interest is: The total amount ... interest charge of $5,485 over one year or $457 per month. Knowing the implications of using simple ...

When borrowing money, simple interest represents the percentage of your loan balance that you owe in fees to the lender. This ...

Use the following formula to see how much you'll pay in simple interest per month over the course of a year for a given loan balance and interest rate. Here’s an approximate picture of current ...