Jun 2, 2018 0 Comments

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

- Total Interest:
`..`

- Final Amount:
`..`

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

- May 13, 2018
- Tool Launched

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