About the Simple Interest Calculator
The Simple Interest Calculator works out the interest on a loan or investment using the classic formula, plus the total amount payable. Enter your principal, annual rate and time to see the result instantly.
How to use the Simple Interest Calculator
- Enter the principal amount.
- Enter the annual interest rate and the time in years.
- Click Calculate to see the interest and total amount.
Frequently Asked Questions
What is the simple interest formula?
Simple interest = Principal × Rate × Time ÷ 100, where rate is per year and time is in years.
How is simple interest different from compound interest?
Simple interest is calculated only on the original principal, while compound interest is also calculated on accumulated interest.
Can I use it for any currency?
Yes — it works with any currency because it only uses the numbers you enter.
Is the Simple Interest Calculator free?
Yes, it is free with no sign-up.