Simple Interest Calculator

Calculate the simple interest and total amount based on your principal, annual interest rate, and time period in years. Ideal for quick loan or savings estimates.

Total Interest
$0
Final Amount
$0

About the Simple Interest Calculator

The Simple Interest Calculator quickly determines the interest earned or owed over a period of time using the standard formula. It’s perfect for loans, deposits, or savings accounts that use non-compounding interest.

Formula Used

Interest = Principal × Rate × Time

Where:
Principal (P) = Original amount
Rate (R) = Annual interest rate (in decimal form)
Time (T) = Time in years

Example Calculation

For $10,000 at 5% interest over 3 years:
Interest = 10000 × (5 ÷ 100) × 3 = $1,500
Final Amount = 10000 + 1500 = $11,500

Frequently Asked Questions

  • What is the simple interest formula?
    Interest = Principal × Rate × Time
  • How do I find the total amount?
    Total Amount = Principal + Interest
  • Can I use months instead of years?
    Yes, convert months to years (e.g., 6 months = 0.5 years).
  • What’s the difference between simple and compound interest?
    Simple interest doesn’t compound — it’s only on the original principal.
  • Is this calculator free?
    Yes, the CalculatorFox Simple Interest Calculator is completely free.

Sources

Financial formulas adapted from:
• U.S. SEC Investor Education
• Consumer Financial Protection Bureau (CFPB)

Disclaimer

This calculator provides general educational estimates. Actual results may vary depending on compounding and payment frequency.