HOW TO USE OUR SIMPLE INTEREST CALCULATOR

 Welcome to our Simple Interest Calculator—a user-friendly tool designed to help you determine the interest accrued on your investments or loans over a specified period. Here's a step-by-step guide on how to use this calculator effectively:​

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Understanding Simple Interest:

Simple interest is calculated on the original principal amount throughout the investment or loan period. The formula to compute simple interest is:​

$\text{Simple Interest (SI)} = P \times R \times T$​

Where:

• P = Principal amount (initial sum of money)

• R = Annual interest rate (in decimal form)

• T = Time period (in years)

To find the total amount (A) after interest, use:​

$A = P + \text{SI}$​

Using the Calculator:

1. Principal Amount (P):

   • Enter the initial sum of money you are investing or borrowing.​

   • Example: ₹10,000​

2. Annual Interest Rate (R):

   • Input the yearly interest rate as a percentage.​

   • Example: 5% (enter as 5)​

   • Time Period (T):

3. • Specify the duration for which the money is invested or borrowed, in years.​

   • Example: 3 years​

4. Calculate:

   • Click the "Calculate Interest" button.​

   • The calculator will display the simple interest earned or owed over the specified period.

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Example Calculation:

If you invest ₹10,000 at an annual interest rate of 5% for 3 years:​

• Simple Interest (SI): ₹10,000 × 0.05 × 3 = ₹1,500​

• Total Amount (A): ₹10,000 + ₹1,500 = ₹11,500​

Thus, after 3 years, your investment will grow to ₹11,500, earning ₹1,500 in interest.​

Additional Notes:

• Interest Rate Conversion: Ensure the interest rate is in decimal form when performing manual calculations. For example, 5% becomes 0.05.​

• Time Periods Less Than a Year: For periods less than a year, convert the time into a fraction of a year. For instance, 6 months is 0.5 years.

• USE OUR SIMPLE INTEREST CALCULATOR