This simple interest calculator calculates simple interest only, I = Prt.
Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years.
Time conversions that are based on day count of 365 days/year have 30.4167 days/month and 91.2501 days/quarter. 360 days/year have 30 days/month and 90 days/quarter.
This calculator for simple interest-only finds I, the simple interest where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Where r is in decimal form; r=R/100. r and t are in the same units of time.