CalcNova tool
Calculate simple interest
How to use the Simple Interest
- 1Enter the principal amount.
- 2Enter the annual interest rate and time period.
- 3Select Calculate interest to see interest and total amount.
Formula explained
Simple interest I = P × r × t, where P is principal, r is the annual rate as a decimal, and t is time in years. Total = P + I.
Example calculation
$1,000 at 5% per year for 2 years earns $100 simple interest, for a total of $1,100.
Frequently asked questions
Is this compound interest?
No. Simple interest is calculated only on the original principal; it does not add interest on earlier interest.
Are fees and taxes included?
No. The estimate excludes fees, taxes, and any provider-specific terms.
Can I calculate for part of a year?
Yes. Choose months or days, and the calculator converts the period to a fraction of a 365-day year.