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The two types of interest While it may seem like a couple of pennies now, interest can add up over time. Those pennies turn into dollars, then into tens of dollars, and well, you get the rest. Whether you are a strict saver who doesn't touch a cent of their savings or a planner who likes to save for specific life events or goals, figuring out how to calculate monthly interest on a savings account starts with a basic understanding of simple and compound interest. Simple Interest 2 Compound Interest 2 Principal Deposit $10, 000 Interest Rate 1% 1 month> $10, 100 2 months $10, 200 $10, 201 Simple Interest Simple interest is money earned on the original amount of your deposit. 4 It doesn't account for any interest you earn over time and will always be calculated based on your principal deposit, or the original amount of money deposited into your account, as long as you don't add to or subtract from the principal balance. If you opened a savings account with $10, 000 and had a monthly interest rate of 1%, you would have $10, 100 in your account by the end of the month.
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At Williams Chiropractic Health & Performance Centre our team truly takes the time to listen and help, every step of the way from your initial appointment forward. Everything we do is aimed at helping you to achieve the results that you need and desire. We'll sit down with you, take our time to get to know you and make sure that we think we're the right place for you. If we believe that one of our practitioners, in particular, is best suited to your case, we'll let you know. If we don't think that we can help you, you'll be informed and referred immediately.