Work out simple interest and the total amount on a principal at a yearly rate. Nothing leaves your browser.
Enter the principal, the yearly interest rate and the time. Interest = principal × rate × years. The result updates as you type.
Interest = principal × annual rate × time in years. For $1,000 at 5% for 3 years, interest is $1,000 × 0.05 × 3 = $150, so the total is $1,150.
Months are divided by 12 and days by 365 to get years before applying the formula.
Simple interest is only charged on the original principal. Compound interest also earns interest on past interest, so it grows faster. Loans and accounts may use either method, so check your terms.
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