Simple Savings Interest Calculator
This calculator requires the use of Javascript enabled and capable browsers. It is designed to calculate the simple interest on a savings account over a finite time period. This is NOT compound interest. The Simple Interest Calculation Formula is:
Deposit Amount (in dollars and cents) x Interest Rate x Time On Deposit (in years) = Total Earned Interest
Enter the amount of the savings deposit and the simple interest rate. Then determine the length of the deposit time period. 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.
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Updated: 7/26/11
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