Simple interest Rate Calculator
Definition of Simple Interest
The extra amount of money apart from the money that has been paid by the borrower to the lender is called interest. The interest which is calculated on the basis of the original principal for any definite time with some amount of rate is called simple interest.
The money which is borrowed or deposit for a certain amount of time is called principle. It is represented by P.
The sum of principal and the interest from the principal with a certain amount of rate within a certain period of time is called Amount. It is denoted by A.
Rate of Interest :
The rate at which the money is lent or given to the borrower is called the rate of interest. It is generally represented by the R and specified in percentage form.
Simple Interest Rate calculation Formula:
If principle=p; Time=t ; Rate= r; Simple Interst= SI then
What is the difference between simple interest and compound interest?
Simple interest is calculated on the principal, or original amount of a loan.
Compound interest is calculated after the completion of a specific period of interest acquired on the principal as well as the interest due on the principal.
How to use this online Simple Interest Rate Calculator
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Follow these 6 easy steps to use our “Online simple Interest Rate Calculator Tool”.
1) At first, give two inputs in the “Input Section.” (Your inputs should be decimal number)
2) After giving your inputs, press the “Calculate” button & Boom! You can see your result in the “Answer Section”!! Isn’t it amazing? 🙂
3) Your answer will be in number.
4) Once used our calculator & to start from fresh, press the “Reset” button & continue enjoying 🙂
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