DEFINITION of 'Simple Interest'. A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate by the principal by the number of periods. Where: P is the loan amount.
What exactly is an HOA or Homeowner Association? Who benefits from an HOA? Who is required to have an HOA? What kind of services does an HOA provide? The HOA or Homeowner Association. An HOA or Homeowner Association is a legal entity created to manage and maintain the common areas of a community. Typically these common areas consist of things like pools, clubhouses, landscaping, parks, streets and roads.
When you buy your condo, you join a homeowners association (HOA), a group formed by the property owners in a shared-space environment. Together, the members of the HOA set rules and handle the upkeep of common areas and the building itself. Your HOA has insurance that covers many risks in the general building. Typically, this condo master policy is maintained through HOA fees that all of the condo owners pay. Everyone pays a little to insure a lot collectively.