Simple Interest Exact Days Loan Calculator
This calculator requires the use of Javascript enabled and capable browsers. It is designed to calculate the simple interest on a loan or note, over a finite time period. This is NOT compound interest. The Simple Interest Calculation Formula is:
Loan Amount (in dollars and cents) x Interest Rate x Time (in days) = Total Interest
You must select the values to enter the Starting Month, Day and Year, and the Ending Month, Day and Year for the time of loan. Enter the amount of the loan and the simple interest rate. Click on Calculate. The calculation is done in days, EXACT calendar days! The time period is the exact number of days as computed by a Julian calendar, even if multiple years are spanned, also if leap years are involved. Determined values are the number of days involved in the transaction, the interest total and the principal and interest total.
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Updated: 7/26/11
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