Principal is the amount of money you are borrowing. Interest is the amount you are charged per month for borrowing money, expressed as a percent. Number of years, also known as the loan term, is the ...

What Is a Simple Loan? Most people borrow money at some point in their life. One of the easiest forms of borrowing to understand is a simple loan. You borrow a sum of money from the lender and, in ...

Katharine Beer is a writer, editor, and archivist based in New York. She has a broad range of experience in research and writing, having covered subjects as diverse as the history of New York City's ...