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The simple interest formula is used to calculate the interest accrued on a loan or savings account that has simple interest. The simple interest formula is fairly simple to compute and to remember as principal times rate times time. An example of a simple interest calculation would be a 3 year saving account at a 10% rate with an original.
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A loan calculator is a simple tool that will allow you to predict how much a personal loan will cost you as you pay it back every month.
Free loan calculator to determine repayment plan, interest cost, and amortization. Use this calculator for basic calculations of common loan types such as. Simple interest calculator simple Interest is the interest paid on the principal amount alone. Simple interest is normally used for a single period of less than a year, such as 30 or 60 days.
The simple interest formula: SI = Prt A = P+SI Where, A = Final amount SI = Simple interest P = Principal amount (Initial Investment) r = Annual interest rate in percentage t = Time period in years . When calculating simple interest by days, use the number of days for t and divide the interest rate by 365.
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