## Credits

Indian Institute of Technology (IIT), Roorkee
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## Simple Interest Solution

STEP 0: Pre-Calculation Summary
Formula Used
simple_interest = (Principal Investment Amount*Rate of interest*Time)/(100*31556952)
SI = (A*I*T)/(100*31556952)
This formula uses 3 Variables
Variables Used
Principal Investment Amount- Principal Investment Amount is most commonly used to refer to the amount borrowed or the amount still owed on a loan, separate from interest.
Rate of interest- Rate of interest is the percent of principal amount charged for the due period.
Time - Time is used to calculate the amount that has a simple interest. (Measured in Year)
STEP 1: Convert Input(s) to Base Unit
Principal Investment Amount: 1000000 --> No Conversion Required
Rate of interest: 10 --> No Conversion Required
Time: 2 Year --> 63113904 Second (Check conversion here)
STEP 2: Evaluate Formula
Substituting Input Values in Formula
SI = (A*I*T)/(100*31556952) --> (1000000*10*63113904)/(100*31556952)
Evaluating ... ...
SI = 200000
STEP 3: Convert Result to Output's Unit
200000 --> No Conversion Required
200000 <-- Simple Interest
(Calculation completed in 00.000 seconds)

## < 4 Simple Interest Calculators

Rate of interest for Simple Interest
rate_of_interest = (Simple Interest*31556952*100)/(Principal Investment Amount*Time) Go
Principal amount for Simple Interest
principal_investment_amount = (Simple Interest*31556952*100)/(Rate of interest*Time) Go
Time period of Simple Interest
time = (Simple Interest*31556952*100)/(Principal Investment Amount*Rate of interest) Go
Simple Interest
simple_interest = (Principal Investment Amount*Rate of interest*Time)/(100*31556952) Go

### Simple Interest Formula

simple_interest = (Principal Investment Amount*Rate of interest*Time)/(100*31556952)
SI = (A*I*T)/(100*31556952)

## What is Simple Interest?

Simple Interest is an easy method of calculating the interest for a loan/principal amount. Simple interest is a concept which is used in most of the sectors such as banking, finance, automobile, and so on. when you make a payment for a loan, first it goes to the monthly interest and the remaining goes towards the principal amount.

## How to Calculate Simple Interest?

Simple Interest calculator uses simple_interest = (Principal Investment Amount*Rate of interest*Time)/(100*31556952) to calculate the Simple Interest, Simple Interest is used to calculate the interest on the principal amount for a given time period and at a particular interest. Simple Interest and is denoted by SI symbol.

How to calculate Simple Interest using this online calculator? To use this online calculator for Simple Interest, enter Principal Investment Amount (A), Rate of interest (I) and Time (T) and hit the calculate button. Here is how the Simple Interest calculation can be explained with given input values -> 200000 = (1000000*10*63113904)/(100*31556952).

### FAQ

What is Simple Interest?
Simple Interest is used to calculate the interest on the principal amount for a given time period and at a particular interest and is represented as SI = (A*I*T)/(100*31556952) or simple_interest = (Principal Investment Amount*Rate of interest*Time)/(100*31556952). Principal Investment Amount is most commonly used to refer to the amount borrowed or the amount still owed on a loan, separate from interest, Rate of interest is the percent of principal amount charged for the due period and Time is used to calculate the amount that has a simple interest.
How to calculate Simple Interest?
Simple Interest is used to calculate the interest on the principal amount for a given time period and at a particular interest is calculated using simple_interest = (Principal Investment Amount*Rate of interest*Time)/(100*31556952). To calculate Simple Interest, you need Principal Investment Amount (A), Rate of interest (I) and Time (T). With our tool, you need to enter the respective value for Principal Investment Amount, Rate of interest and Time and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
How many ways are there to calculate Simple Interest?
In this formula, Simple Interest uses Principal Investment Amount, Rate of interest and Time. We can use 4 other way(s) to calculate the same, which is/are as follows -
• simple_interest = (Principal Investment Amount*Rate of interest*Time)/(100*31556952)
• rate_of_interest = (Simple Interest*31556952*100)/(Principal Investment Amount*Time)
• time = (Simple Interest*31556952*100)/(Principal Investment Amount*Rate of interest)
• principal_investment_amount = (Simple Interest*31556952*100)/(Rate of interest*Time)
Where is the Simple Interest calculator used?
Among many, Simple Interest calculator is widely used in real life applications like {FormulaUses}. Here are few more real life examples -
{FormulaExamplesList} Let Others Know