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Simple Interest Calculator

Calculate simple interest, final amount, and total interest earned for loans, investments, and savings with our free online calculator.

Calculate Simple Interest

About Simple Interest Calculator

Our Simple Interest Calculator helps you quickly calculate the interest earned or paid on a principal amount over a specific time period. Simple interest is calculated using the formula: Interest = Principal × Rate × Time.

This calculator is perfect for calculating interest on loans, savings accounts, certificates of deposit, or any investment that uses simple interest calculation method.

How to Use

  1. Enter Principal Amount: Input the initial amount of money (loan amount or investment)
  2. Set Interest Rate: Enter the annual interest rate as a percentage
  3. Choose Time Period: Input the duration and select the unit (years, months, or days)
  4. Calculate: Click the "Calculate Interest" button to see your results
  5. View Results: See the simple interest, final amount, and total interest earned

Simple Interest Formula

Simple Interest = P × R × T

Final Amount = P + Simple Interest

Where:

  • P = Principal Amount
  • R = Annual Interest Rate (as decimal)
  • T = Time Period (in years)