Question

How do I calculate simple interest monthly

Answer 1

First we have to calculate the simple interest by the yearly interest.

$\mathit{S}\mathit{I}\mathbf{=}\mathit{P}\mathbf{\times }\mathit{R}\mathbf{\times }\frac{\mathbf{T}}{\mathbf{100}}$

now to calculate the monthly simple interest, divide the above by $12$ for $1year$ or $24$ for $2years$ as per the requirement.

Hence, this way we can calculate simple interest monthly.