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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.
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examples
example 1:ex 1:
You deposit $ \$ 1000$ into a bank account paying $7\,\%$ simple interest per year. You left the money in for $3 \text{years}$.
Find the interest earned and the amount at the end of those $3 \text{years}$ ?
example 2:ex 2:
You deposit $\$12000$ into a bank account paying $1.5\%$ simple interest $\text{per month}$. You left the money in for $210 \text{days}$. Find the interest earned and the amount.
example 3:ex 3:
You deposit some money into a bank account paying $4\%$ simple interest $\text{per year}$. You received $\$72$ in interest after $3 \, \text{years}$.
How much the deposit (principal) was?
example 4:ex 4:
You deposit some money into a bank account paying $2\%$ simple interest $\text{per 6 months}$. You received $\$15$ in interest after $\text{9 month}$.
How much the principal was?
example 5:ex 5:
You deposit $\$1000$ into a bank account and received $\$50$ simple interest after $\text{3 months}$. What had been the interest rate?
example 6:ex 6:
You deposit $\$350$ into a bank account paying $1.2\%$ simple interest $\text{per month}$.
If you received $\$9$ as interest, find the time for which the money stayed in the bank.
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