Simple Interest Calculator

Calculate simple interest on loans and investments with our easy-to-use calculator.

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How to Calculate Simple Interest

Simple interest is calculated using the formula: I = P × R × T, where P is the principal amount, R is the interest rate, and T is the time period.

  1. 1
    Enter Principal Amount
    Input the initial amount of money (P).
  2. 2
    Set Interest Rate
    Specify the annual interest rate (R) as a percentage.
  3. 3
    Choose Time Period
    Select the duration in years, months, or days (T).

Simple Interest Formula Explained

The simple interest formula is straightforward: multiply the principal by the rate and time, then divide by 100.

  1. 1
    Formula
    I = (P × R × T) / 100
  2. 2
    Total Amount
    Total = Principal + Interest
  3. 3
    Use Cases
    Short-term loans, savings accounts, and investments.

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