Simple Interest Calculator
Interest from principal, rate and time.
3,000
Simple interest
13,000
Total amount
How to use the Simple Interest Calculator
- 1 Enter principal, annual rate and time in years.
- 2 See the simple interest and total amount.
- 3 Review the formula used.
Frequently asked questions
What is the simple interest formula?
SI = (P × R × T) / 100, where P is principal, R the annual rate percent, and T the time in years.
What is the difference between simple and compound interest?
Simple interest is charged only on the original principal, so it grows in a straight line. Compound interest is charged on the principal plus accumulated interest, so it grows faster over time.
Can I use this for any currency?
Yes. The formula is currency-independent — enter the principal in whatever currency you use and the interest and total are returned in the same units.