What is ‘Simple Interest’?
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:
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:
Input : P = 10000
R = 5
T = 5
Output :2500
We need to find simple interest on
Rs. 10,000 at the rate of 5% for 5
units of time.
Input : P = 3000
R = 7
T = 1
Output :210
The formula to calculate the simple interest is: simple_interest = (P * T * R) / 100 where P is the principal amount, T is time & R is the rate of interest.
Implementation: Below is the implementation of above approach:
Javascript
<script> // JavaScript program to find simple interest for // given principal amount, time and rate of // interest. let P = 1, R = 1, T = 1; /* Calculate simple interest */ let SI = (P * T * R) / 100; /* Print the resultant value of SI */ console.log("Simple Interest = " + SI);</script> |
Output:
Simple Interest = 0.01
Time Complexity: O(1).
Auxiliary Space: O(1).
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