Interests are the fee that a bank charges you for borrowing money. You pay the actual amount of the loan plus the interest back to the bank. The exact interest amount depends on the interest rate and the duration of the loan. You can see the exact payback amount for each loan offer in the comparison results.
The nominal interest rate includes only the interest costs (as a percentage) which are to be paid for the required loan amount per year. Other costs (such as processing fees) are not taken into account. The effective interest rate (as a percentage) includes all additional costs for the loan. You should use the effective interest rate to compare loan offers. Joonko’s comparison results always show the effective interest rate.