Tool Slick

Simple Interest Calculator

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

All processing happens on the client-side, locally in your browser. No data is uploaded.

The principal amount
The rate of annual interest
The no. of years for which to calculate the interest
Total Interest
5,000
Final Amount
15,000

History

  • 2018-05-13Tool Launched

Background

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