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Interest Amount (I)
Period (n)
Rate of Interest (r) (% per year)
 

 Take Simple Interest quiz

The percentage of the principal that is paid over a certain period of time is called the interest rate. Interest is typically calculated over principal amount (Base Amount).

Simple Interest is considered when time period is generally less than a year. Simple interest is calculated only on principal amount and Simple interest formula is as follows

I = (P X n X r) / 100
Where
I = Interest Amount
P = Principal Amount
n = Time period
r = Rate of interest

How to calculate Interest earned?
I = (P X n X r) / 100
Where
I = Interest Amount
P = Principal Amount
n = Time period
r = Rate of interest

How to calculate Principal Amount?
P = (I X 100) / (n X r)
Where
I = Interest Amount
P = Principal Amount
n = Time period
r = Rate of interest

How to calculate Rate of Interest?
R = (I * 100) / (P X n)
Where
I = Interest Amount
P = Principal Amount
n = Time period
r = Rate of interest

How to calculate time period?
n = (I * 100) / (P X R)
Where
I = Interest Amount
P = Principal Amount
n = Time period
r = Rate of interest

How to calculate Amount accrued i.e. principal + interest earned?
I = P X ( 1 + (n X r) / 100)
Where
I = Interest Amount
P = Principal Amount
n = Time period
r = Rate of interest

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P  PRAMODA Commented On: 18-May-2016

intrest