Enter details to see the calculation.
Simple interest is calculated only on the principal amount. It's commonly used for short-term loans and certain investment products.
the principal amount in Principal.
the annual interest rate in Rate.
the time period in years.
the interest amount and total payable.
SI = P × R × T / 100
often use simple interest.
check with compound interest calculator.
doesn't change over loan tenure.
Simple interest is a straightforward method of calculating the interest charge on a loan or investment. It is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Unlike compound interest, simple interest is only calculated on the original principal amount. This means you don't earn interest on the interest you've already accumulated, making the growth linear rather than exponential.
The formula to calculate simple interest is:
I = P × r × t
The total amount (A) to be repaid is the principal plus the interest: A = P + I.
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