Calculate Simple Interest using Principal Amount, Interest Rate, No. of Years | Simple Interest Calculator
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Calculate Simple Interest

Calculate Simple Interest (I)

%
Y M

₹60,000
Simple Interest Amount
₹1,00,000
Principal Amount
₹1,60,000
Total Amount
37.50%
Interest % to Total Amount

Simple Interest Calculator

What is Simple Interest ?

Simple interest is a method to calculate the interest rate on a loan payment. Interest is always depends on the original principle or sum, so interest on interest is not included.

What is Principal Amount ?

Principal is the sum of money on which the interest to be earned.

What is interest rate ?

Interest rate is the percentage at which interest accrued over time.

What is No. of Years ?

Time or period is the length of period in years.

Formula to Calculate Simple Interest

The simple interest formula allows us to calculate I, which is the interest earned or charged on a loan. According to this formula, the amount of interest is given by

where

  • I is the interest amount,
  • P is the principal amount,
  • R is the annual interest rate in % form, and
  • N is the loan period expressed in years.

Simple Interest Example

John borrows 1,00,000 for 5 Years, at 10% simple interest rate.

Simple Interest Amount(I) = Principal(P) * Interest Rate(R) * Term of the loan (N) / 100
Principal Amount(P) : 1,00,000
Interest Rate(R) : 10 %
Term of the loan (N) : 5 Years
Simple Interest(I) = 1,00,000 * 0.10 * 5
Simple Interest(I) = 50,000

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