Simple Interest Calculator
Simple Interest Calculator
Use this calculator to quickly determine the simple interest on any principal amount. Simple interest is calculated only on the principal amount, unlike compound interest which is calculated on both the principal and accumulated interest.
How to Use
1. Enter the principal amount (the initial sum of money)
2. Input the annual interest rate (in percentage)
3. Specify the time period and select the appropriate unit (years, months, or days)
4. Click the "Calculate" button to see the results
5. Use the "Reset" button to clear all fields and start over
Simple Interest Formula
The simple interest is calculated using the formula:
Simple Interest = (Principal × Rate × Time) / 100
Where time is always in years. If you select months or days, the calculator automatically converts them to years.
Example Calculation
If you invest ₹10,000 at an annual interest rate of 5% for 3 years:
Interest = (10000 × 5 × 3) / 100 = ₹1,500
Total Amount = Principal + Interest = ₹10,000 + ₹1,500 = ₹11,500
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