Simple Interest Calculator

Simple Interest Calculator

The simple interest calculator is used to calculate the amount of interest. It uses a step by step procedure of performing the calculations which makes it effective. It also gives accurate results depending on the values you enter in the text fields. The first step is to select the currency; it can either be in Dollars, Pounds, Euro, and any other. Enter the principal amount in the next text field. The (X) button next to the blank cell is used to clear the value entered as the principal amount. Proceed to the next text field and fill in the Annual interest rate and period of payment. It is important to specify the period using the options provided by the calculator. It can either be in days, weeks, months, quarters or years.

Confirm that you have entered the values correctly in the appropriate fields before clicking the ‘Calculate’ button. The amount of interest and the total will be displayed below the two controls in form of dollars.

For example;

If the principal amount is $23,000, with an annual interest rate of 6% per year for 12 years. Fins the interest amount. ‘

Solution;

You will first enter the values in the appropriate text fields before clicking the ‘Calculate’ button.

The results will be displayed as;

Interest amount = $16, 560

Total amount = $39,560

The simple interest calculator has the ‘Clear’ button which is effective in performing the intended function. It is used to reset the calculator by erasing all data of the previous calculations from the text fields. This calculator can only perform one conversion at a time. If you have more values that you would wish to find their interest amount, you can always coordinate the ‘Calculate’ and ‘Clear’ buttons. This calculator is programmed to deliver accurate results within a single click.