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You will be paying in interest. Therefore, the total amount paid over the loan duration will be:
*The calculation is based on the information you provide and is for illustrative and general information purposes only. This should not be relied upon as specific financial or other advice.
Calculators are a fast, accurate way to predict how your money grows over time. They can also help you realize what you spend your money on each month so you can identify how to improve your spending.
Remember that a calculator is only as accurate as the information you put into it. If you don’t accurately represent your spending patterns, your results won’t be very helpful. Be honest about what you’re willing to set aside each week or month to get an accurate projection.
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If you think you might need access to your money in the near future, a savings account is a suitable, low-risk option. However, if you’re willing to set your money aside for a longer period of time, a Guaranteed Investment Certificate (GIC) might offer a higher interest rate, depending on the market. You can also explore other investment strategies such as bonds, mutual funds and Tax-Free Savings Accounts (TFSA) to find the best way to preserve and grow your funds.
There are a range of calculators and plenty of information on Comparewise to help you determine how much money you can borrow, how different loan options stack up against each other, what your credit limit should be and how long it will take to pay off your credit card debt.
Compound interest is when interest is earned on your balance and on the interest that you’re earning. This is different from simple interest where you earn a set rate of interest on the principal on your amount saved only.