Simple Interest Calculator
Interest on savings and depositsRuns locally · nothing uploaded
Common terms:
Interest earned
4,000
Total amount
104,000
Interest per day
10.96
Results are estimates for reference only and are not financial, lending or tax advice. Confirm actual rates and taxes with your lender or tax authority.
How it works
When to use it
- Work out the interest on a CD or fixed-term deposit.
- Compare terms and rates side by side.
Formula
Interest = principal × annual rate × yearsMonths are divided by 12 and days by 365.
Total = principal + interestWorked example
Given: $100,000 for 1 year at 4%
- Interest = 100,000 × 4% × 1 = $4,000.
- For 6 months: 100,000 × 4% × 6 ÷ 12 = $2,000.
Result: Total after one year: $104,000, about $10.96 of interest per day.
Reading the result
- This is simple interest. Accounts that pay interest monthly and reinvest it compound slightly faster (APY > APR).
- Banks quote different rates for different terms, so use the rate for the term you enter.
Limitations
- Interest may be taxable. Early withdrawal penalties are not included.
How to use
- 1Enter the principal and annual rate.
- 2Enter the term and choose days, months or years.
- 3Read the interest and total.
FAQ
What is the simple interest formula?
I = P × r × t, where t is the time in years (days ÷ 365).
Simple vs compound interest?
Simple interest is earned on the principal only; compound interest is also earned on previous interest.
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