An accrual rate is the interest percentage added to the principal of a financial product between payments. Learn how it applies to bonds, mortgages, and vacation time.

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Michael Benninger is the lead editor of banking at Forbes Advisor, with more than 10 years of experience in the personal finance space. His writing has been published by the Los Angeles Times, ...

A simple interest loan doesn’t charge you additional interest on your accrued interest. In other words, the only interest you pay is on the outstanding principal balance of your loan. Auto loans and ...