In the interest-only phase, you make smaller payments, usually for a period of three to 10 years, that include only interest.

The way personal loans work is pretty simple. As a borrower, you get a certain amount of money from a lender. You agree to pay it back, with interest, over a certain period. Read Next: 5 Subtly Genius ...

If you have a savings account, you might want to know how much you’ll earn in interest for parking your cash there. Fortunately, calculating interest on a savings account is not as tough as you might ...