Simple interest is a quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Simple interest formula is given by:
Simple Interest = (P x T x R)/100
Where,
- P is the principal amount
- T is the time and
- R is the rate
Examples: –
Example 1:
Input : P = 10000
R = 5
T = 5
Output : 2500
Explanation - We need to find simple interest on
Rs. 10, 000 at the rate of 5% for 5
units of time.
Example 2:
Input : P = 3000
R = 7
T = 1
Output : 210
Example 1:
Java
// Java program to compute// simple interest for given principal// amount, time and rate of interest.import java.io.*;class GFG { public static void main(String args[]) { // We can change values here for // different inputs float P = 1, R = 1, T = 1; /* Calculate simple interest */ float SI = (P * T * R) / 100; System.out.println("Simple interest = " + SI); }}// This code is contributed by Anant Agarwal. |
Output
Simple interest = 0.01
Time Complexity: O(1)
Auxiliary Space: O(1)
Example 2:
Java
// Java program to compute// simple interest for given principal// amount, time and rate of interest.import java.io.*;class GFG { public static void main(String args[]) { // We can change values here for // different inputs float P = 10000, R = 5, T = 5; // Calculate simple interest float SI = (P * T * R) / 100; System.out.println("Simple interest = " + SI); }} |
Output
Simple interest = 2500.0
Time Complexity: O(1)
Auxiliary Space: O(1)
Please refer complete article on the Program to find simple interest for more details!
