Loan
If you want to learn more about personal loans, payday loans, lines of credit, and car loans in Canada, you’ve come to the right place.
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Frequently asked questions about loans
How to calculate interest rate on a loan?
Most loans charge interest at a compounding rate. This means that instead of interest being accumulated on just the principal of the loan, it accumulates on both the principal and accumulated interest. To calculate compounded interest rate on personal loans, enter the variables into the various fields until the “Total interest” number on the right equalizes the total interest payments you will be expected to pay over the life of the loan. The rate at which that happens is your interest rate on the loan.