Instructions for use: enter the initial amount of the deposit or loan, the annual interest rate, indicate the period and units of its calculation (in days, weeks, months, quarters or years). Then press the button “Calculate”. Thus, the amount of accrued interest will be calculated according to the specified parameters, as well as the final amount at the end of the specified period and the total profitability.
Content
Simple Interest Calculator
Note: in calculations, the number of weeks in a year is rounded up to 52.
Calculation formula
The amount of accrued simple interest (I) is calculated according to the formula below:
- S1 – the initial amount;
- % – annual interest rate in the form of a coefficient (equal to the percentage rate divided by 100%);
- M – the number of selected time units per year (365 or 366 days, 12 months, 52 weeks, 4 quarters or 1 year);
- t – term in selected units.
Final amount (Sn) equals the original amount (S1) plus accrued interest (I).
Yield in percent (D%) is calculated as follows:
