India Biz Guru Simple Interest Calculator
Interest is a fee charged on money that has been loaned, borrowed, or invested. Simple interest is a type of interest calculation that does not take into consideration numerous periods of interest payments or charges. In other words, the interest rate will only apply to the loan or investment's principal amount, it will not be modified by any interest that has accrued.
A basic interest calculator is a handy tool for calculating interest on loans and savings accounts without compounding. On a daily, monthly, or yearly basis, you can calculate simple interest on the principal amount.
Our Simple Savings Calculator can help you estimate the growth of your investment fast and accurately. You'll need the following information to use this calculator:
Principal Amount (P): This is the initial amount of your investment that you have contributed. Whether you have 10,000 or 1,00,000, your principal amount is very critical.
Annual interest (R): Use our rate tables to estimate the rate of return on your investment. Enter the interest rate if you already know how much you'll be earning.
Number of years (T): This is the number of years you are planning to deposit your principal amount or opting any loans for. Now that you know what the terms mean, here is what you need to do to use our calculator:
- Select simple interest.
- Fill in the principal sum
- Enter the annual interest rate
- Choose your time span
Our Simple Interest Calculator will show you how much you've earned in simple interest on your deposit.
With this simple interest calculator, you can figure out how much interest you need to pay on the loans you acquired and how much you need to save each month to hit the mark. You can also calculate how much interest money you will receive on your deposits in seconds.
Anyone can use this calculator as it is free to use and requires no documents or personal details.