This simple interest calculator will determine the amount of interest charged on a loan, fixed deposit or savings account over a specific period of time.

Simple interest calculator To calculate simple interest on a loan, multiply the principal (P) by the interest rate (R) by the loan term in years (T), then divide the total by 100.

With a simple interest loan, interest is based only on principal, and you can easily calculate it to find out the true cost of borrowing.

A simple interest loan only charges interest on your original principal, not the entire balance. You'll often see these for car or personal loans. Keep reading.

A simple interest loan calculates the interest based only on the principal you owe. It stands in contrast to a compound interest loan, which calculates interest based on principal and any ...