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Principal

Published on Dec 06, 2015

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1.

Principal

Cassidy King
2.

Definition

  • Principal is the amount of money borrowed.
3.

added onto principle

Simple interest is paid only on principle.
4.

Example

  • If you deposit $100 into your savings account.
  • Your bank has 7% simple interest. 
  • You will gain $7 after one year.
5.

Banks can deny how much principle they give you.

  • These decisions are based off of ~
  • Yearly income
  • Credit history
  • Credit Score
6.

The faster principal is paid off, the less intrest it will have.

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