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Calculators :: Financial :: Simple Interest Calculator

Simple interest is calculated only on the initial amount (principal) that you invested.

Example: Suppose you give \$100 to a bank which pays you 5% simple interest at the end of every year. After one year you will have \$105, and after two years you will have \$110. This means that you will not earn an interest on your interest. Your interest payments will be $5 per year no matter how many years the initial sum of money stays in a bank account.

This calculator can be used to solve various types of simple interest problems. The calculator will print easy to understand step-by-step explanation. Click here to see a list of example problems that can be solved by using this calculator.

Simple Interest Calculator

Enter principal, interest rate and time to calculate how much money you will get at the end of the investment time. The calculator will generate an explanation on how the calculation process is done.

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Select variable you want to find and enter known variables. The calculator will find unknown variable and it will generate an explanation on how the calculation is done.

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Simple Interest Problems

This is a list of the example problems which can be solved by using this calculator.

Problems with unknown interest and amount

Example 1: You deposit \$1000 into a bank account paying 7% simple interest per year. You left the money in for 3 years. Find the interest earned and the amount at the end of those 3 years?

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Example 2: You deposit \$12000 into a bank account paying 1.5% simple interest per month. You left the money in for 210 days. Find the interest earned and the amount.

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Problems with unknown principal

Example 3: You deposit some money into a bank account paying 4% simple interest per year. You received $72 in interest after 3 years. How much the deposit (principal) was?

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Example 4: You deposit some money into a bank account paying 2% simple interest per 6 months. You received $15 in interest after 9 month. How much the principal was?

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Example with unknown interest rate

Example 5: You deposit $1000 into a bank account and received $50 simple interest after 3 months. What had been the interest rate?

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Example with unknown time period

Example 6: You deposit $350 into a bank account paying 1.2% simple interest per month. If you receiver $9 as interest, find the time for which the money stayed at the bank.

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