Greg DePersio has 13+ years of professional experience in sales and SEO and 3+ years as a writer and editor. Simple interest is calculated only on the principal balance of the loan each period.

This story is part of Planet or Plastic?—our multiyear effort to raise awareness about the global plastic waste crisis. Learn what you can do to reduce your own single-use plastics, and take your ...

Elvis Picardo is a regular contributor to Investopedia and has 25+ years of experience as a portfolio manager with diverse capital markets experience. Michael Boyle is an experienced financial ...