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JavaScript Program to find simple interest

Last Updated : 21 Feb, 2024
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What is ‘Simple Interest’?

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:

Simple interest formula is given by: 
Simple Interest = (P x T x R)/100 
P is the principal amount 
T is the time and 
R is the rate


Input : P = 10000
R = 5
T = 5
Output :2500
We need to find simple interest on
Rs. 10,000 at the rate of 5% for 5
units of time.

Input : P = 3000
R = 7
T = 1
Output :210

The formula to calculate the simple interest is: simple_interest = (P * T * R) / 100 where P is the principal amount, T is time & R is the rate of interest. 

Example: Below is the implementation of the above formula


// JavaScript program to find simple interest for
// given principal amount, time and rate of
// interest.
let P = 1, R = 1, T = 1;
/* Calculate simple interest */
let SI = (P * T * R) / 100;
/* Print the resultant value of SI */
console.log("Simple Interest = " + SI);


Simple Interest = 0.01

Time Complexity: O(1), the execution time of the program is constant and does not depend on the size of the input.

Auxiliary Space: O(1), Since the program uses a constant number of variables that do not depend on the input size, the space complexity is also O(1).

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