A mortgage is a long-term loan used to purchase real estate. Instead of paying the full property price upfront, a borrower makes a down payment and finances the remaining balance through a bank or lender. The loan is typically repaid over 15 to 30 years in fixed monthly payments. At first glance, a mortgage seems…
Compound interest is one of the most powerful concepts in finance. It refers to the process where interest is calculated not only on the original amount of money invested or borrowed (the principal), but also on the accumulated interest from previous periods. In simple terms, it is “interest on interest.”Unlike simple interest — which is…
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