What is a simple interest calculator?
Myitronline calculator is a simple online tool that helps you to calculate the interest on the taken loans or savings. An individual can calculate the interest based on the principal amount on the basis of daily, monthly, and yearly. Myitronline simple interest calculator can be accessed from anywhere without moving out of your comfort zone. You can plan your financial expenses by getting the estimated amount with the help of myitronline simple interest calculator.
The simple Interest formula for calculation
The following simple interest formula is used to compute the value of the total maturity amount on interest.
A = P(1 + rt)
Where- A = Accrued amount (Principal + interest)
P = Principal Amount
r = Rate of interest per year in decimal form r/100
t = Time of investments (months or years)
To get the interest = A - P For instance, To understand the Calculation of simple interest formula, Your principal amount is 10,000 and the interest rate is 12%. The period of investment time is 6 years.
So, A = 10,000 (1+0.12*6) = 17,200
To get the interest rate = A-P
17,200 - 10,000 = 7,200
How to use Myitronline simple calculator?
Following are the steps to calculate the interest with the help of the Myitronline Calculator-
- Firstly, You need to select the type of interest
- In the second step, You have to fill in the principal amount
- After this, you need to select the annual interest rate
- Later, select the time (daily, weekly, monthly, or yearly)
Here you are done, and myitronline simple interest calculator will show you the principal amount, interest amount, and total value.
What are the benefits of using myitronline simple interest calculator
There are many advantages of using the myitronline calculator which is mentioned below-
- A simple interest calculator can compute interest on the savings or granted loans in seconds.
- It can be used free of cost and from anywhere without getting out of your comfort.
- Myitronline simple interest calculator has a very easy-to-use and decent interface.
- Simple Interest calculator saves your precious time and energy by eliminating manual calculations.