Simple Loan Interest Calculator
This calculator requires the use of Javascript enabled and capable browsers. It is designed to calculate the simple interest on a loan 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 Maturity (in years) = Total Earned Interest
Enter the amount of the loan and the simple interest rate. Then determine the length of the loan period (maturity). The calculation is done in years but you may enter either years or days. The year is a financial year of 365 days, as opposed to a calendar year and may or may not be the "exact number of days" if multiple years are spanned. You may change the number of days for exact time span calculation but this is still based on a 365 day year for interest. Click on Calculate and determine the Interest, potential and actual.
Updated 8.13.11
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