Free Online Simple Interest Calculator
Our free simple interest calculator helps you calculate the interest earned or charged on a principal amount over a specific period.
Enter the principal amount, annual interest rate and time in years to calculate simple interest and the total amount instantly.
Simple Interest Formula
The simple interest formula is:
Simple Interest = P × R × T ÷ 100
P is the principal amount, R is the annual interest rate and T is the time in years.
For example, if the principal is $1,000, the interest rate is 5% and the time is 2 years, the simple interest is $100.
Frequently Asked Questions
What is simple interest?
Simple interest is interest calculated only on the original principal amount.
How do I calculate simple interest?
Multiply the principal amount by the interest rate and time, then divide by 100.
Is this calculator free?
Yes. USA Free Tools provides this simple interest calculator free to use online.