Simple interest calculator
Find Simple interest with this easy-to-use calculator.
Learn to calculate simple interest formula
You can use this Simple interest formula to calculate.
The simple interest amount can be easily calculated as it is equal to the principal amount into the product of the annual interest rate split by the number of periods per year m, multiplied by the number of periods n:
simple interest amount = principal amount × (rate / m) × n
If you need to calculate the simple interest amount of the principal amount of $6,000, annual interest rate of 4% and time of 18 months.
principal amount = $6,000
rate = 4%
m = 12 months/year
n = 18 months
simple interest amount = $6,000 × (4% / 12months/year) × 18months
= $6,000 × (0.04 / 12months/year) × 18months