Simple Interest Calculator
Calculate simple interest and total repayment amount.
2400.00Interest
12400.00Total amount
How to use Simple Interest Calculator
- 1Enter the principal amount, annual interest rate, and time period in years.
- 2The interest and total amount update live.
Why use this tool
- Uses the standard simple interest formula: I = P × R × T / 100.
- Shows both the interest earned/owed and the total amount.
Frequently asked questions
What's the difference between simple and compound interest?
Simple interest is calculated only on the original principal. Compound interest is calculated on the principal plus previously accumulated interest, so it grows faster over time.