Our simple interest calculator used to calculate the simple interest and total amount after the interest rate.
What is a simple interest calculator?
calculatorway provides a free-to-use online to used simple interest calculator to determine the interest amount and total amount after the increment of interest. this calculator is used to calculate the interest rate on loans.
Simple interest is the easiest way to calculate how much to pay for a loan. Simply put in the loan amount, the interest rate, and the number of periods, and then press calculate! You can then look at the results and see how much interest was accumulated over the course of the loan! By making sure you use the calculator, you can make sure to get to results you want in the easiest way possible!
The total amount is equal to the addition of the principal amount and total simple interest.
The formula of simple interest
- simple interest(SI) = P x R x T / 100
- SI = Simple interest
- P = Principal amount
- R = Rate of interest(P.A)
- T = Time in year
How to calculate the discounted price.
Example.1:-Find the simple interest if $2000 is invested for 2 years on 25% P.A.
solve:-simple interest(SI) = P x R x T / 100 = 2000*25*2/100 = 1000
Total Amount = SI + Principal Amount = 1000 + 2000 = 3000
Example.2:-Find the simple interest if $1000 is invested for 2 years and 6 months on 10% pa.
solve:-T = 2 + 6/12 = 2 + 1/2 = 5/2 yr
SI = P x R x T / 100 = 1000*10*2.5/100 = $250
Total Amount = $250 + $1000 = $1250
Table of simple interest calculator
How to use this simple interest calculator
Enter the principal amount in the proper input field and rate of interest(pa) enter a percentage value in the proper input field and then finally entered in time duration(yr) and then click the calculate button you get all answers in the answer box with principal amount, total interest and total amount.