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Simple Interest, Amortized Interest, and Compound Interest
Description
Interest - Money paid regularly at a particular rate for the use of money lent.
In today's Better Wealth Episode, I discuss common questions I get around interest. Listen as I define three types of interest; simple, amortized and compound. The big question is how does knowing the definition of these types of interest relate to us? Most people have in their head which form of interest is good and which form of interest is bad. However, I challenge listeners to look at each form of interest through the lens of Opportunity Cost before labeling them as good or bad.
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