See what we can offer to your school
"SimpleStudy just makes sense...”
Get the best plan for your school
10 cards from this deck
Payment breakdown: interest, principal change, new balance
Interest first, then principal reduction, then new balance
Loan paid off completely by regular payments over time
r100×p×previous balance\frac{r}{100 \times p} \times \text{previous balance}100×pr×previous balance
Payment−Interest\text{Payment} - \text{Interest}Payment−Interest
Previous balance−Principal reduction\text{Previous balance} - \text{Principal reduction}Previous balance−Principal reduction
Interest decreases, principal reduction increases
Initial amount before any payments made
Interest+Payment\text{Interest} + \text{Payment}Interest+Payment
InterestPrincipal×100\frac{\text{Interest}}{\text{Principal}} \times 100PrincipalInterest×100
Select your subjects, and get access to A+ resources today.