FAQ: How to Use the Simple Interest Calculator?
1. What is simple interest?
Simple interest is interest computed only on the principal amount, not on prior interest.
2. Formula used?
Simple Interest = (Principal × Rate × Time) / 100. If time is in months, it's converted to years for US finance.
3. How do I use this calculator?
- Enter your principal amount (in dollars).
- Enter interest rate (per year, percent).
- Enter the time period and select years or months.
- Click Calculate. Simple interest and total amount will display below.
4. Is my data stored?
No, your data and calculations remain private on your device.