About Simple Interest Calculator
A simple interest calculator is a tool used to calculate the amount of interest earned on a loan or deposit over a specific period of time.
Simple interest is calculated based on the original principal amount, the interest rate, and the length of time the money is on deposit or loaned out.
The simple interest calculator typically requires inputs such as the principal amount, the interest rate, and the length of time the money will be on deposit or loaned. The calculator then uses this information to estimate the amount of interest that will be earned or charged during the specified period.
Simple interest calculators are commonly used by individuals to estimate the interest earned on a savings account, the interest charged on a loan, or the interest earned on an investment.
Simple Interest Calculation
Formula for Simple Interest Calculation:
Interest = (P * R)/100 * T
A = P + Interest
P: Principal or total loan amount,
R: Rate of interest
T: Number of years
A: Total accrued amount (Both principal and the interest)