How to calculate interest rate on a loan
- how is a simple interest loan calculated
- how is a simple interest loan calculator
- is a simple interest loan amortized
- how are simple interest loan payments calculated
Simple interest calculator monthly
Simple interest example.
Simple Interest Calculator
The Simple Interest Calculator calculates the interest and end balance based on the simple interest formula. Click the tabs to calculate the different parameters of the simple interest formula.
In real life, most interest calculations involve compound Interest. To calculate compound interest, use the Interest Calculator.
Results
| End Balance: | $26,000.00 |
| Total Interest: | $6,000.00 |
Calculation steps:
| Total Interest = | $20000 × 3% × 10 |
| = | $6,000.00 |
| End Balance = | $20000 + $6,000.00 |
| = | $26,000.00 |
Balance Accumulation Graph
Breakdown
Schedule
| Year | Interest | Balance |
| 1 | $600.00 | $20,600.00 |
| 2 | $600.00 | $21,200.00 |
| 3 | $600.00 | $21,800.00 |
| 4 | $600.00 | $22,400.00 |
| 5 | $600.00 | $23,000.00 |
| 6 | $600.00 | $23,600.00 |
| 7 | $600.00 | $24,200.00 |
| 8 | $600.00 | $24,800.00 |
| 9 | $600.00 | $25,400.00 |
| 10 | $600.00 | $26,000.00 |
What is Simple Interest?
Interest is the cost you pay to borrow money or the compensation you receive for lending money.
You might pay interest on an auto loan
- what is a simple interest loan
- how does a simple interest loan work