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To find the interest rate, you need to know the amount of interest earned or paid, the principal amount of the loan or investment, and the time period over which the interest is calculated. The interest rate can be calculated using the formula: Interest Rate = (Interest / Principal) x (1 / Time Period)
For example, if you earn $100 in interest on a $1,000 investment over one year, the interest rate can be calculated as: Interest Rate = ($100 / $1,000) x (1 / 1) = 0.10 or 10%
You can also use online calculators or consult with financial institutions to find the interest rate for a loan or investment product.
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.
Download our app and start gaining insight into your current and future finances.
Horizon65 for iPhone
Horizon65 for Android