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Simple Interest Calculator

Using the simple interest formula as a basis, the Simple Interest Calculator determines the interest and end balance. To compute the various parameters of the basic interest formula, click the tabs. The majority of interest computations in real life use compound interest.



Simple Interest Calculator

Simple Interest Calculator



Interest is the fee you pay when you borrow money or the payment you get back when you lend it. Interest may be charged on credit cards or auto loans, or it may be paid on cash deposited into interest-bearing accounts such as certificates of deposit (CDs) or savings accounts. Simple interest is interest that is computed just on the amount borrowed or deposited at the outset (referred to as the "principal"). For the term of a loan, simple interest is often set as a fixed percentage. The simple interest only applies to this initial principal amount, regardless of how frequently it is calculated. Stated differently, interest that has already accumulated will not impact interest payments in the future. This is how the fundamental simple interest formula looks: Principal Amount × Interest Rate × Time is simple interest. Depending on the other inputs, our calculator can compute any of these variables.

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