Simple Interest Calculator is a free online tool that displays the simple interest for the given amount. BYJU’S online simple interest calculator tool makes the calculation faster, and it displays the simple interest in a fraction of seconds.
How to Use the Simple Interest Calculator?
The procedure to use the simple interest calculator is as follows:
Step 1: Enter the principal, interest rate, number of years and x for the unknown value in the respective input field
Step 2: Now click the button “Solve” to get the simple interest
Step 3: Finally, the simple interest for the given amount will be displayed in the output field
What is Meant by Simple Interest?
In mathematics, simple interest is the method of calculating the interest for the principal/loan amount. Simple interest is used in most of the sectors such as finance, banking, automobiles, and so on. If the principal amount, interest rate, and the time period are given, the simple interest can be easily calculated. The formula to calculate the simple interest is given by
Simple Interest, SI = (P×R×T)/100
P – Principal amount
R – Rate of interest
T – Time period (Number of years)