Have you ever wondered how your bank decides how much to charge you on your mortgage or credit card? Have you ever looked at an account statement and failed to understand what all of the jargon meant?

Interest is one of the ways lenders make their money, and it’s what makes it worth it for them to give out loans. If you’re borrowing money, interest is the cost the bank charges you for the service.

Companies may lease assets to optimize financial terms and manage balance sheets. Capital lease interest can be computed using the IRR function in a spreadsheet. Adjust IRR formula for payment ...

This story was originally published on Sept. 11, 2024, and has been updated. Want to avoid racking up credit card debt? John Kiernan, managing editor at the personal finance website WalletHub, shares ...