Calculate simple interest and final amount.
Enter principal, annual rate and time.
₹1,00,000 at 8% for 5 years earns ₹40,000 simple interest.
| Method | Total Interest |
|---|---|
| Simple interest | ₹40,000 |
| Compound interest (yearly) | ₹46,933 |
Simple interest is calculated only on the original principal amount for the entire duration, unlike compound interest where interest is also earned on previously accumulated interest.
It is commonly used for short-term loans, certain fixed deposits, and basic lending calculations where the interest does not compound over the term.
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