Calculate simple interest and the final repayable amount from a principal, annual rate and time in years.
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How to use the Simple Interest
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About Simple Interest
Simple vs compound
Simple interest is charged only on the original principal, not on accumulated interest. It is common for short-term loans and some bonds.
The formula
Interest = principal x rate x time / 100. The final amount is principal plus interest.
Where it helps
Quick loan estimates, savings comparisons and understanding short-term interest.
Frequently asked questions
How is simple interest different from compound?
Simple interest ignores interest-on-interest; compound includes it.
What is the formula?
I = P x R x T / 100, where R is the annual percentage and T is years.
When is simple interest used?
Short-term loans, car loans in some regions, and certain bonds.
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