Calculate interest on loans and savings using simple interest formula.
Simple Interest
$0.00
Total Amount
$0.00
Simple interest is calculated only on the principal amount. It's commonly used for short-term loans and savings accounts.
Simple Interest = (Principal × Rate × Time) / 100
Total Amount = Principal + Simple Interest
Principal: $10,000 | Rate: 5% | Time: 2 years
Simple Interest = ($10,000 × 5 × 2) / 100 = $1,000
Total Amount = $10,000 + $1,000 = $11,000
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