### Simple Interest Calculator

Calculate interest amount earned on your investments

Principal Amount Rs.
Rate of Interest (P.A) %
Principal Amount 0
Total Interest 0
Total Amount 0

## What is a simple interest calculator?

Myitronline calculator is a simple online tool that helps you to calculate the interest on the taken loans or savings. An individual can calculate the interest based on the principal amount on the basis of daily, monthly, and yearly. Myitronline simple interest calculator can be accessed from anywhere without moving out of your comfort zone. You can plan your financial expenses by getting the estimated amount with the help of myitronline simple interest calculator.

## The simple Interest formula for calculation

The following simple interest formula is used to compute the value of the total maturity amount on interest.

A = P(1 + rt)
Where- A = Accrued amount (Principal + interest)
P = Principal Amount
r = Rate of interest per year in decimal form r/100
t = Time of investments (months or years)
To get the interest = A - P For instance, To understand the Calculation of simple interest formula, Your principal amount is 10,000 and the interest rate is 12%. The period of investment time is 6 years.
So, A = 10,000 (1+0.12*6) = 17,200
To get the interest rate = A-P
17,200 - 10,000 = 7,200

## How to use Myitronline simple calculator?

Following are the steps to calculate the interest with the help of the Myitronline Calculator-

• Firstly, You need to select the type of interest
• In the second step, You have to fill in the principal amount
• After this, you need to select the annual interest rate
• Later, select the time (daily, weekly, monthly, or yearly)

Here you are done, and myitronline simple interest calculator will show you the principal amount, interest amount, and total value.

## What are the benefits of using myitronline simple interest calculator

There are many advantages of using the myitronline calculator which is mentioned below-

• A simple interest calculator can compute interest on the savings or granted loans in seconds.
• It can be used free of cost and from anywhere without getting out of your comfort.
• Myitronline simple interest calculator has a very easy-to-use and decent interface.
• Simple Interest calculator saves your precious time and energy by eliminating manual calculations.

File your Income Tax Return Yourself Anytime & Anywhere

We promise you the best refunds calculation on your income tax. Hire an eCA for e filing Your ITR Anytime & Anywhere

We promise you only the best eCA for you. Get expert to eFile Your ITR

Hire an eCA → ### FAQs about the Simple Interest #### What is simple interest? Simple interest is an interest earned on the principal amount of loans and made investments towards the savings account. An individual does not get multiplied interest on investments in simple interest. He/she only gets a certain amount of money with simple interest. #### what is a simple interest calculator? A simple interest calculator is an easy online tool that helps you to calculate the interest on the taken loans or savings. A Simple Interest calculator saves your precious time and energy by eliminating manual calculations. #### Is it easy to use myitronline calculator? Yes. Myitronline simple interest calculator is very easy to use. This calculator has a simple and decent interface. #### How do you calculate simple interest? To calculate the simple interest, one needs to use the formula (P x R x T) ÷ 100,
Where- P represents the principal, R represents the rate of interest, and T represents the time of earned simple interest. #### What is the simple interest formula? There is a formula to calculate the interest on savings or loans, which is below A = P(1 + rt)
Here,
A, stands for the Accrued amount (Principal + interest)
P, stands for Principal Amount
R, stands for Rate of interest per year in decimal form r/100
t, stands for Time of investments (months or years) #### What will be the simple interest on Rs 12000 at 10 pa for 3 years? To understand the Calculation of the simple interest formula, Your principal amount is Rs.12,000, and the interest rate is 10%. The period of investment time is 6 years.
So, A = 12,000 (1+1.1*3) = 15,600
To get the interest rate = A-P
15,600 - 12,000 = 3,600

Ask an Expert on a Phone call Anytime & Anywhere

Get on a Phone call with our experts to solve any queries on tax, finance or compliance.

Book Now → Ask an Expert on a Video callAnytime & Anywhere

Get on a Video call with our experts to solve any queries on tax, finance or compliance.

Book Now → # Top Myitronline Tolls and Calculators For Business And Professionals

Calculate how much you need to save or how much you will accumulate with Myitronline Explore our services at a glance.

#### Get on a call with our experts to solve any queries on tax, finance or compliance

Request a Callback →