What is Simple Interest ?
Simple interest is a method of calculating interest on a principal amount over a set period, where the interest is constant and not compounded. It is calculated by multiplying the principal amount, interest rate, and period divided by 100. Simple interest is commonly used for short-term loans and financial instruments with fixed interest rates.
Simple Interest Calculator
Simple Interest Calculator calculates interest accrued on a principal amount over a fixed period, based on a predetermined interest rate. It provides users with the total amount payable, comprising the original principal and the accrued interest.
Simple Interest is the method to calculate the interest where we only take the principal amount each time without changing it with respect to the interest earned in the previous cycle.