Simple Interest Calculator
Calculate simple interest on loans or deposits
Simple Interest:
$0.00
Total Amount:
$0.00
Calculation Formula:
Simple Interest = (Principal × Rate × Time) ÷ 100
Simple Interest Examples
What is Simple Interest?
Simple interest is calculated only on the principal amount, without compounding over time.
Formula:
I = P × R × T
Where:
I = Interest
P = Principal amount
R = Rate of interest (per year)
T = Time period (in years)
Common Scenarios:
$1,000 at 5% for 1 year
Interest = $50 | Total = $1,050
$5,000 at 3% for 2 years
Interest = $300 | Total = $5,300
$10,000 at 7% for 6 months
Interest = $350 | Total = $10,350
Time Conversion:
Months → Years
÷ 12
6m = 0.5y
Days → Years
÷ 365
90d = 0.247y