Simple Interest Calculator

Updated: Jun 2, 2018
FINANCE   INTEREST  

Simple Interest Calculator is a quick way to calculate the interest paid against the original principal only
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
 
Created: May 13, 2018
Online Tool Designed For: Windows, OS X, Android, iOS, Linux