Calculate growth in over 20 global currencies.
The original amount of money borrowed or invested. The interest is calculated based on this initial sum.
The percentage of the principal charged as interest per year. Ensure the rate is in percentage form (e.g., 5% is 5).
The duration for which the money is borrowed or invested. In simple interest, this is typically calculated in years.
Simple Interest does not compound. It is calculated only on the original principal.
Interest = P × r × t ÷ 100