Simple Interest Calculator 💵
Calculate the interest earned or paid on a principal amount over a specific time period using a **flat interest rate**.
Interest Parameters
Simple Interest Formula
Simple interest is calculated only on the principal amount of a loan or deposit. It does not include the interest earned in previous periods, making it the opposite of compound interest.
Simple Interest (SI) = (P × R × T) / 100
Total Amount (A) = P + SI
Where:
P = Principal
R = Annual Rate (%)
T = Time (years)