Simple Interest Calculator
Calculate interest using the I = P × R × T formula. Works for years, months, or days. Includes period-by-period breakdown.
🔢 Simple Interest Formula Explained
I = P × R × T
| I | Interest earned or owed |
| P | Principal (original amount) |
| R | Annual interest rate (as decimal — 5% = 0.05) |
| T | Time in years |
Example: $8,000 at 4.5% for 2.5 years → I = $8,000 × 0.045 × 2.5 = $900. Total = $8,900.
