Simple Interest Calculator

✖Principal Amount of Simple Interest is the amount invested, borrowed, or lent initially at a fixed rate for a given duration of time.ⓘ Principal Amount of Simple Interest [P_Annual]			+10% -10%
✖The Annual Rate of Simple Interest is the percent of the simple interest paid over the principal amount for the due period.ⓘ Annual Rate of Simple Interest [r_Annual]			+10% -10%
✖Time period of Simple Interest is the number of years for which the principal amount is invested/borrowed/lent at a fixed rate of interest.ⓘ Time Period of Simple Interest [t_Annual]			+10% -10%

✖Simple Interest is the extra amount gained/paid on the principal amount for the time period at a fixed rate of interest.ⓘ Simple Interest [SI_Annual]

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Simple Interest Solution

STEP 0: Pre-Calculation Summary

Formula Used

Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100
SI_Annual = (P_Annual*r_Annual*t_Annual)/100
This formula uses 4 Variables

Variables Used

Simple Interest - Simple Interest is the extra amount gained/paid on the principal amount for the time period at a fixed rate of interest.
Principal Amount of Simple Interest - Principal Amount of Simple Interest is the amount invested, borrowed, or lent initially at a fixed rate for a given duration of time.
Annual Rate of Simple Interest - The Annual Rate of Simple Interest is the percent of the simple interest paid over the principal amount for the due period.
Time Period of Simple Interest - (Measured in Year) - Time period of Simple Interest is the number of years for which the principal amount is invested/borrowed/lent at a fixed rate of interest.

STEP 1: Convert Input(s) to Base Unit

Principal Amount of Simple Interest: 1000 --> No Conversion Required
Annual Rate of Simple Interest: 10 --> No Conversion Required
Time Period of Simple Interest: 2 Year --> 2 Year No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

SI_Annual = (P_Annual*r_Annual*t_Annual)/100 --> (1000*10*2)/100

Evaluating ... ...

SI_Annual = 200

STEP 3: Convert Result to Output's Unit

200 --> No Conversion Required

FINAL ANSWER

200 <-- Simple Interest

(Calculation completed in 00.020 seconds)

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Created by Sakshi Priya

Indian Institute of Technology (IIT), Roorkee

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Verified by Shweta Patil

Walchand College of Engineering (WCE), Sangli

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< Simple Interest Calculators

Simple Interest

LaTeX Go Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100

Simple Interest given Final Amount

LaTeX Go Simple Interest = Final Amount of Simple Interest-Principal Amount of Simple Interest

< Annual Simple Interest Calculators

Final Amount of Simple Interest

LaTeX Go Final Amount of Simple Interest = Principal Amount of Simple Interest*(1+(Annual Rate of Simple Interest*Time Period of Simple Interest)/100)

Principal Amount of Simple Interest

LaTeX Go Principal Amount of Simple Interest = (100*Simple Interest)/(Annual Rate of Simple Interest*Time Period of Simple Interest)

Annual Rate of Simple Interest

LaTeX Go Annual Rate of Simple Interest = (100*Simple Interest)/(Principal Amount of Simple Interest*Time Period of Simple Interest)

Simple Interest

LaTeX Go Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100

Simple Interest Formula

LaTeX Go

Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100
SI_Annual = (P_Annual*r_Annual*t_Annual)/100

What is Simple Interest?

Simple Interest is a quick and easy method of calculating the interest charge on a loan. Simple Interest is the interest amount for a particular principal amount of money at some rate of interest for given duration of time.
In Simple Interest, a creditor will only pay interest on the principal amount and a borrower would never have to pay more interest on the previously accumulated interest.

How to Calculate Simple Interest?

Simple Interest calculator uses Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100 to calculate the Simple Interest, Simple Interest formula is defined as the extra amount gained/paid on the principal amount for the time period at a fixed rate of interest. Simple Interest is denoted by SI_Annual symbol.

How to calculate Simple Interest using this online calculator? To use this online calculator for Simple Interest, enter Principal Amount of Simple Interest (P_Annual), Annual Rate of Simple Interest (r_Annual) & Time Period of Simple Interest (t_Annual) and hit the calculate button. Here is how the Simple Interest calculation can be explained with given input values -> 200 = (1000*10*63113904)/100.

FAQ

What is Simple Interest?

Simple Interest formula is defined as the extra amount gained/paid on the principal amount for the time period at a fixed rate of interest and is represented as SI_Annual = (P_Annual*r_Annual*t_Annual)/100 or Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100. Principal Amount of Simple Interest is the amount invested, borrowed, or lent initially at a fixed rate for a given duration of time, The Annual Rate of Simple Interest is the percent of the simple interest paid over the principal amount for the due period & Time period of Simple Interest is the number of years for which the principal amount is invested/borrowed/lent at a fixed rate of interest.

How to calculate Simple Interest?

Simple Interest formula is defined as the extra amount gained/paid on the principal amount for the time period at a fixed rate of interest is calculated using Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100. To calculate Simple Interest, you need Principal Amount of Simple Interest (P_Annual), Annual Rate of Simple Interest (r_Annual) & Time Period of Simple Interest (t_Annual). With our tool, you need to enter the respective value for Principal Amount of Simple Interest, Annual Rate of Simple Interest & Time Period of Simple Interest and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

How many ways are there to calculate Simple Interest?

In this formula, Simple Interest uses Principal Amount of Simple Interest, Annual Rate of Simple Interest & Time Period of Simple Interest. We can use 1 other way(s) to calculate the same, which is/are as follows -

Simple Interest = Final Amount of Simple Interest-Principal Amount of Simple Interest

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