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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.

Problem:

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 at the end of those 210 days?

Result:

The interest is $1242.734 and the amount is $13242.734.

Explanation:

STEP 1: Convert interest rate of 1.5% per month into rate per year.

$$ \text{rate per year = rate per month} \cdot 12 = 1.5 \% \cdot 12 = 18 \% $$

STEP 2: Convert 210 days into years.

$$ \text{ 210 days } = \frac{ 210 }{365} \text{ years} = 0.57534 \text{ years}$$

STEP 3: Find an interest by using the formula $ I = P \cdot i \cdot t $, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $12000, i = 18% and t = 0.57534 years, so

$$ \begin{aligned} I &= P \cdot i \cdot t \\ I &= 12000 \cdot 0.18 \cdot 0.57534 \\ I &= 1242.734 \end{aligned}$$

STEP 4: Find an amount by using the formula $ A = P + I $.

Since P = $12000 and I = $1242.734 we have

$$ \begin{aligned} A &= P + I \\ A &= 12000 + 1242.734 \\ A &= 13242.734 \end{aligned} $$

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Script name : simple-interest-calculator

Imputed values: 0 , 12000 , 1.5 , 3 , 210 , 3

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Simple Interest Calculator
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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 receiver $\$9$ as interest, find the time for which the money stayed at the bank.

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