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To calculate interest rate, use the formula: Interest = Principal x Rate x Time. Principal is the initial amount of the loan or deposit. Rate is the percentage of interest expressed as a decimal. Time is the length of the loan or deposit expressed in years.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.