Simple interest calculator online. You can calculate simple interest(SI) for days, months and years by entering principle, rate of interest and time period.
Simple Interest Calculator
How to calculate simple interest?
You can calculate simple interest by multiplying principal, rate of interest and time period.
Formula to find simple interest for yearly base is SI = (P × r × t) / 100, Where,
- P = initial principal amount
- r = annual interest rate
- t = time (in years)
Simple interest formula: SI = (P × r × t) / 100
How to calculate simple interest for days?
To calculate simple interest for days, convert your days time to years by dividing it with 365. Result formula is SI for days = (P × r × (t / 365)) / 100. Here, time(t) is in days.
How to calculate simple interest for months?
To calculate simple interest for months, convert your months time to years by dividing it with 12. Result formula is SI for days = (P × r × (t / 12)) / 100. Here, time(t) is in months.
How to calculate simple interest for daily, weekly or monthly rate of interest?
To calculate simple interest for daily, weekly or monthly rate of interest, convert rate of interest (roi) to years by multiplying days, weeks or months frequency in a year.
You can,
- convert daily roi to yearly by multiplying it with 365.
- convert weekly roi to yearly by multiplying it with 52.
- convert monthly roi to yearly by multiplying it with 12.
(roi = rate of interest)
So, the formula in this case is (P × (r × frequency-in-year) × t) / 100.
For example, simple interest with daily rate of interest = (P × (r × 365) × t) / 100.
That’s it,
Hope you find this simple interest calculator and calculation guide helpful.