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how tocalculate simple interest. Simple Interest Formula P Principal Amount I Interest Amount r Rate of Interest per year in decimal. With installment loans youll generally have a fixed repayment term.
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How to calculate simple interest You figure simple interest on the principal which is the amount of money borrowed or on deposit using a basic formula. Principal x rate x time interest For example say you invest 100 the principal at a 5 annual rate for one year. Interest rates are typically expressed as a percentage.
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Then enter a number of years months or days that the calculation is to run. After one year you will have 105 and after two years you will have 110. Suppose you give 100 to a bank which pays you 5 simple interest at the end of every year. Simple interest benefits consumers who pay their loans on.
