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 stepbystep explanation. Click here to see a list of example problems that can be solved by using this calculator.

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