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The interest rates paid on the deposited money and the number of years you leave the money in the bank.

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What equals interest?

Interest is the cost of borrowing money or the return on investment for deposited funds, typically expressed as a percentage of the principal amount. It is calculated based on factors such as the principal amount, the interest rate, and the time period involved. In financial terms, it can be categorized as either simple interest, which is calculated only on the principal, or compound interest, which is calculated on both the principal and the accumulated interest.


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The interest rate will depend on a number of factors. These include who the lender is and also on their perception of your credit risk.


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How are intrest rates calculated?

Interest rates are typically calculated based on several factors, including the central bank's benchmark rates, inflation expectations, and the risk associated with lending to a borrower. Lenders assess the borrower's creditworthiness, which influences the specific rate offered. Additionally, market conditions and economic indicators play a significant role in determining the overall interest rate environment. For loans, interest rates can be fixed or variable, depending on the agreement between the lender and borrower.

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