Simple Interest Calculator

Simple Interest Calculator helps to compute the interest earned or paid in a certain period of time. Simple interest is the method of calculating the interest earned or loan amount. The amount you need to pay or to get will be based on the interest and that interest will be calculated by using simple interest. Make use of our simple interest calculator to calculate the interest without any delay.

Enter principal amount
Enter rate of interest (in % p.a.)
Enter period of time (in years)
 

Free Simple Interest Calculator Online with steps

Learn how to use the Simple Interest Calculator with help of the below instructions.

Step 1: Enter the values of Principal, Rate of Interest, Time period, and X value in the relevant input fields.

Step 2: Click on the calculate button to find the simple interest.

Step 3: Within a few seconds the output will be displayed on your screen.

Simple Interest Formula

The formula for simple interest is,

A = P(1 + rT)

where,

A = Total Accrued Amount

P = Principal

T = Time Period

R = Rate of Interest

I = Interest

FAQs on Simple Interest

1. How do I calculate simple interest?

You can calculate the simple interest by using the formula SI = PTR/100

where,

p = principal

T = time

R = Rate of Interest

Substitute the values in the above formula to find the simple interest.

2. What is simple interest?

Simple interest is the method of calculating the interest earned or paid on a loan. It is calculated by multiplying the principal, rate, and period of time.

3. What is the formula for the rate of interest?

The formula to calculate the rate of interest is (S.I × 100)/(Principal ×Time)

Simple Interest Calculator