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how to calculate simple interest when rate is unknown. Calculate rate of interest in percent R r 100. Likewise to calculate simple interest month-wise use the number of months for t and divide the interest rate by 12.
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After one year you will have 105 and after two years you will have 110. Calculate time solve for t t I Pr Cite this. Refer to your most recent statement.
Simple Interest for n months P n R 12 100.
Just fill in the numbers for your loan or savings. How to calculate your interest To begin your calculation enter your starting amount along with the annual interest rate and the start date assuming it isnt today. If the interest rate is not known to save the calculator from making unnecessary iterations please select your best guess from the drop down menu default guess is 10 and the calculator will attempt to calculate the rate for you given the other three loan terms. When the amount of interest the principal and the time period are known you can use the derived formula from the simple interest formula to determine the rate as follows.
