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Calixo

Simple Interest Calculator

Calculate simple interest and the total amount owed or earned.

Inputs

The initial amount.

% p.a.
% p.a.

years
years

Saved Scenarios

— select 2+ to compare

Interest Earned

$1,800

Total Amount

$11,800

Spark says

How it's calculated

Formula

I=P×r×t100I = \dfrac{P \times r \times t}{100}
P
— Principal amount
r
— Annual interest rate (%)
t
— Time in years

What is the Simple Interest Calculator?

Simple interest is calculated only on the original principal, unlike compound interest which also earns interest on accumulated interest.

How to use it

  1. 1 Enter the principal amount.
  2. 2 Set the annual interest rate.
  3. 3 Choose the time period in years.

Worked examples

$10,000 at 6% for 3 years

Interest is $1,800, for a total of $11,800.

Try it

Limitations

  • •Does not account for compounding.
  • •Assumes a fixed rate for the whole period.

Frequently asked questions

What's the difference between simple and compound interest?

Simple interest is calculated only on the principal. Compound interest is calculated on the principal plus any interest already earned, so it grows faster over time.