HOW TO CALCULATE SIMPLE INTEREST
Simple interest is an accrual method. Interest accrues on a daily basis on the unpaid principal balance on the account. Each payment you make will first pay down any accrued interest, then the rest will apply to the principal and any applicable fees. You can calculate simple interest by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
As a Cadillac owner, it’s important to take a moment to review your Cadillac Financial retail installment contract and learn more about the interest that accrues daily on the principal balance of your Cadillac.
Need more information on understanding your simple interest contract or to prequalify for another Cadillac? See our most frequently asked questions below, or message Cadillac Financial today and let us know how we can assist.