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 principle amount
T is the time and
R is the rate
EXAMPLE1: 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. EXAMPLE2: 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 principal amount, T is time & R is rate of interest.
Simple Interest : 0.01
This article is contributed by Anurag Rawat. If you like GeeksforGeeks and would like to contribute, you can also write an article using contribute.geeksforgeeks.org or mail your article to email@example.com. See your article appearing on the GeeksforGeeks main page and help other Geeks.
Please write comments if you find anything incorrect, or you want to share more information about the topic discussed above.
- Simple Interest
- Program to find compound interest
- Program to find the rate percentage from compound interest of consecutive years
- Program to find simple moving average
- Times required by Simple interest for the Principal to become Y times itself
- Program to evaluate simple expressions
- C/C++ program to make a simple calculator
- Menu Driven C++ Program for a Simple Calculator
- Find if a degree sequence can form a simple graph | Havel-Hakimi Algorithm
- Compound Interest
- Number of Simple Graph with N Vertices and M Edges
- Program to find sum of 1 + x/2! + x^2/3! +...+x^n/(n+1)!
- Program to find sum of the given sequence
- Program to find the sum of a Series (1*1) + (2*2) + (3*3) + (4*4) + (5*5) + ... + (n*n)
- Program to find the Depreciation of Value