Simple interest is a quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Simple interest formula is given by:
Simple Interest = (P x T x R)/100
Where,
- P is the principal amount
- T is the time and
- R is the rate
Examples: –
Example 1: Input : P = 10000 R = 5 T = 5 Output : 2500 Explanation - We need to find simple interest on Rs. 10, 000 at the rate of 5% for 5 units of time. Example 2: Input : P = 3000 R = 7 T = 1 Output : 210
Example 1:
Java
// Java program to compute // simple interest for given principal // amount, time and rate of interest. import java.io.*;
class GFG {
public static void main(String args[])
{
// We can change values here for
// different inputs
float P = 1 , R = 1 , T = 1 ;
/* Calculate simple interest */
float SI = (P * T * R) / 100 ;
System.out.println( "Simple interest = " + SI);
}
} // This code is contributed by Anant Agarwal. |
Output
Simple interest = 0.01
Time Complexity: O(1)
Auxiliary Space: O(1)
Example 2:
Java
// Java program to compute // simple interest for given principal // amount, time and rate of interest. import java.io.*;
class GFG {
public static void main(String args[])
{
// We can change values here for
// different inputs
float P = 10000 , R = 5 , T = 5 ;
// Calculate simple interest
float SI = (P * T * R) / 100 ;
System.out.println( "Simple interest = " + SI);
}
} |
Output
Simple interest = 2500.0
Time Complexity: O(1)
Auxiliary Space: O(1)
Please refer complete article on the Program to find simple interest for more details!
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