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**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.

**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.

**STEP 2:** Convert
**210 days** into 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

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

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

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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?

Set up the form | View the solution |

**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.

Set up the form | View the solution |

**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?

Set up the form | View the solution |

**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?

Set up the form | View the solution |

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

Set up the form | View the solution |

**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.

Set up the form | View the solution |

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