# Simple Interest Calculator

Simple Interest Calculator is a quick way to calculate the interest paid against the original principal only

Total Interest:
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Final Amount:
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Background Information

What does Simple Interest mean?
Simple interest is the money earned by investing some money referred to as the principal. A certain amount of interest is added to the principal, making an investment grow.
Formula
Interest = Principal × Rate × Time
Example
A laptop costs $1500; the interest rate on the loan is 12%. If the loan has to be paid back in weekly installments over a time period 2 years, then:- • P =$1500
• R = 12% = 0.12
• T = 2 years

According to the formula, Simple Interest will be:-

• = 1500 × 0.12 × 2
• = \$360