This simple interest calculator calculates interest between any two dates. How to calculate simple interest You figure simple interest on the principal which is the amount of money borrowed or on deposit using a basic formula. R r 100 t Time Periods involved.
I Prt becomes r IPt Remember to use 1412 for time and move the 12 to the numerator in the formula above.
Simple Interest Formula P Principal Amount I Interest Amount r Rate of Interest per year in decimal. Your principal deposit or the original balance of your account. Click on cell B5 to select it and then click inside the formula bar to enter this formula. Because this calculator is date sensitive it is a suitable tool for calculating simple interest owed on any debt.