### What is an Online Simple Interest Calculator?

Centre Point School International’s online simple interest calculator is a tool created to help determine simple interests quickly and easily. The tool takes numerical inputs and digitally calculates simple interest for given situations

### How To Find Simple Interest on Calculator?

Here are the steps to use Centre Point School International’s Online Simple Interest Calculator:

**Step 1:** Fill in the inputs correctly as per the requirements.

**Step 2:** Click the ‘Submit’ button to the final output.

**Step 3:** The simple interest for the sum will be displayed on your screen.

## Simple Interest Calculator

Principal :

Interest Rate :

Term of Loan :

### What is meant by Simple Interest?

The term ‘Simple Interest’ is the method of calculating interest on a loan or investment, with the same or fixed rate of interest over a specified period.

### Formula To Find Simple Interest

The formula for deriving simple interest is:

Simple Interest: P x R x T

Note:

P is the principal amount.

R is the rate of interest.

T is the total time period the money is invested or borrowed for.

### How to Calculate Simple Interest On a Number?

Using the formula mentioned above, you can calculate the simple interest amount for an investment. Here are some examples to understand the concepts more profoundly.

**Example 1 **

P= Rs 1,000

R= 5% (5/100=0.05)

T= 3 years

Simple Interest formula= P x R x T

1000 x 0.05×3 = Rs 150

**Example 2 **

P= Rs 500

R= 3% ( 3/100 = 0.03)

T= 2 years

Simple Interest formula= P x R x T

500×0.03×2 = Rs 300

### How to Calculate Rate of Interest?

The rate of interest in the simple interest concept is calculated using the below-mentioned formula:

R= 100 x Simple Interest/ P x T

Here are some examples to comprehend the concept

**Example 1 **

Simple Interest (S.I) = Rs 1,000

P= Rs 7,000

T = 2 years

Rate of interest formula= 100 x Simple Interest/ P x T

100 x 1000/7000 x 2 = 7.14%

**Example 2 **

Simple Interest (S.I) = Rs 3,000

P= Rs 8,000

T = 3 years

Rate of interest formula= 100 x Simple Interest/ P x T

100 x 3000/ 8000 x 3 = 12.5%

### What Are The Benefits of Using Simple Interest Calculators?

- Centre Point School International’s Simple Interest Calculator determines the simple interest amount within fraction of seconds.
- A hassle-free, accurate, and quick process to calculate simple interest amounts on your internet devices.

### FAQs

**Q1. How do I calculate simple interest?**

One can anytime and anywhere calculate simple interest using Centre Point School International’s simple interest calculator online.

** Q2. What is the simple interest rate? **

The simple interest rate is the percentage of the principal amount that is charged or earned as interest over a specific period of time.

** Q3. What is the formula for simple interest? **

The formula for calculating simple interest is: Principle x Rate x Time / 100