Result
Interest Amount: ₹ 0
Final Amount (Principal + Interest): ₹ 0
Simple Interest Formula
The formula to calculate Simple Interest (SI) is:
SI= P×R×T ÷ 100
where:
- SI = Simple Interest
- P = Principal Amount (the initial amount of money)
- R = Rate of Interest per annum (in percentage)
- T = Time Period (in years)
Example Calculation
Let’s use an example to illustrate the formula:
- Principal Amount (P): ₹10,000
- Rate of Interest (R): 5% per annum
- Time Period (T): 3 years
Using the formula:
SI=10,000×5×3 ÷ 100=1,500
So, the Simple Interest would be ₹1,500.
