Enter the initial amount, interest rate (%), time period in months or years, then click the Calculate button to get the result.
Simple interest calculation formula:
Interest amount = Initial amount × (Annual interest rate(%) / M) × t
M – number of periods per year
t – number of periods
The interest amount is equal to the initial amount, multiplied by the annual interest rate (%), divided by the number of periods per year M, times the number of periods t.