Work out simple interest on a loan or a deposit.
Enter the amount, the yearly rate and the time.
The money borrowed or saved.
The yearly rate, and the time in years or months.
See the interest and the total.
Interest = amount × rate × time ÷ 100, with the time in years.
With simple interest, the interest is always worked out on the original amount only. Compound interest is also worked out on interest already earned.
Yes. Switch the time to months and it is divided by 12 for you.