1 - Select the item youd like to solve for. Generally interest on a security deposit is called SIMPLE INTEREST. For the problem started above this would look as follows.
The mathematical equation for calculating simple interest is However banks typically charge compound interest on loans.
Benefits of using us. Principal the deposit 1000. The formula for Simple Interest SI is principal x rate of interest x time period divided by 100 or P x Rx T100. The Deposit Interest Calculator computes initial deposit interest rate maturity or final amount with or without consideration of compound interest.