What is Simple Interest?
Generally, simple interest paid or received over a certain period is a fixed percentage of the principal amount that was borrowed or lent.
How is Simple Interest calculated?
To calculate Simple interest, you need to use the following formula.
Amount = Principal
1 + ( rate / 100 ) * time
Interest = Amount - Principal
How to use Simple Interest Calculator?
To use Simple Interest Calculator
- Enter principal amount
- Enter rate of interest
- Enter time period involved
- No need to press equal button. (It is automated)
- The final result you will see are interest and total amount to pay.
- To Clear calculations press CE button