Simple Interest Calculator Online
A simple interest calculator is a utility tool that calculates the interest on loans or savings without compounding.
Total Amount:
$0.00
What is Simple Interest?
Simple interest is a straightforward method of calculating interest on a loan or investment. It is calculated using the formula:
Simple Interest = Principal × Rate × Time
Where:
Principal: The initial amount of money.
Rate: The annual interest rate (in percentage).
Time: The duration for which the money is borrowed or invested.
Unlike compound interest, simple interest does not account for interest earned on previously accumulated interest, making it easier to calculate and understand.
How to Use the Calculator
- Enter the Principal Amount (e.g., $1,000).
- Input the Annual Interest Rate (e.g., 5%).
- Specify the Time Period (e.g., 2 years).
- Select the Period Unit (e.g., Years, Months, Days).
- Choose your preferred Currency.
- Click Calculate to see the Total Amount and a Pie Chart showing the Principal and Interest.
Why Choose Us?
Our Simple Interest Calculator is designed to be fast, accurate, and easy to use. Whether you’re calculating interest for a short-term loan or a long-term investment, our tool provides instant results with a visual representation of your data. Plus, it’s completely free and requires no downloads or installations.
FAQs
What is the difference between simple interest and compound interest?
Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal plus any previously earned interest.
Can I calculate interest for periods less than a year?
Yes! Our calculator supports Days, Weeks, Months, and Quarters for precise calculations.
Is this calculator free to use?
Absolutely! Our Simple Interest Calculator is 100% free and accessible to everyone.
Can I use this tool on my phone?
Yes, the calculator is fully responsive and works on all devices, including smartphones and tablets.