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Results will appear here
Results
Total Interest (I)
Total Amount (A)
About Simple Interest Calculator
Calculation Method
Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account. It does not compound, meaning interest is not earned on previously earned interest. It is often used for short-term loans or certain types of investments.
Formula
The formula for simple interest is:
I = P × r × t
- I = Total Interest
- P = Principal Amount
- r = Annual Interest Rate (decimal)
- t = Time Period (years)
