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Simple Interest Calculator

Calculate simple interest and the final amount from the principal, the yearly rate and the time.

Interest
600.00
Final amount
5,600.00
Time in years
3

What is Simple Interest Calculator?

Simple interest is interest worked out only on the original amount, the principal. It does not earn interest on interest, which is the difference from compound interest.

What this tool does

Uses the formula interest = principal ร— rate ร— time. It converts months and days to years, and shows the interest and the final amount.

How to use it

  1. Enter the principal and the yearly rate.
  2. Enter the time and choose years, months or days.
  3. Read the interest and the final amount.

Did you know?

  • Short-term loans and some bonds use simple interest.
  • For savings that grow over many years, the Compound Interest Calculator gives a more realistic result.

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