Simple Interest Calculator
Calculate simple interest based on principal, interest rate, and term.
Frequently Asked Questions
What is simple interest?
Simple interest is interest calculated only on the principal amount. The interest earned is not added to the principal, and each period the same amount is used to calculate interest. Formula: Interest = Principal x Interest Rate x Time.
What is the difference between simple interest and compound interest?
In simple interest, interest is calculated on the same principal each period. In compound interest, previous periods' interest earnings are added to the principal for the new period's calculation. Compound interest provides higher returns over the long term.
What is the simple interest formula?
Simple interest formula: I = P x r x t. Where I is the interest amount, P is the principal, r is the annual interest rate (decimal), and t is the time in years.
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