Simple Interest Calculator
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The formula for Simple Interest is initial amount * (1 + interest rate * time period). Simple Interest increases the initial value by the same amount for each time period unlike Compound Interest where the Initial value increases at an increasing rate.
Simple Interest Calculator
Simple Interest Calculator
Initial principal balance = {formtext: name=value; cols=10; default=10000}
Interest rate = {formtext: name=interest; cols=10; default=0.2}
Number of time periods elapsed = {formtext: name=time; cols=5; default=10}
{if: isnumber(value) and isnumber(interest) and isnumber(time)}
Final amount = {=value*(1 + interest * time); format=$,.2f}
{else}
{error: please enter numbers in the text fields}
{endif}
{image: https://quickchart.io/chart/chart?&bkg=transparent&c={ type: 'bar', data: { labels: {=seq({time:YYYY} + 1, {time:YYYY} + time)}, datasets: [ { label: 'Dataset 1', data: [{=join([value * (1 + interest * x) for x in {=seq(1, time)}], ",")}, 0], } ], }, options: { legend: { display: false, }, scales: { xAxes: [{ display: true, gridLines: {display: false}}], }, }, }}
{image: https://quickchart.io/chart/chart?&bkg=transparent&c={ type: 'bar', data: { labels: {=seq({time:YYYY} + 1, {time:YYYY} + time)}, datasets: [ { label: 'Dataset 1', data: [{=join([value * (1 + interest * x) for x in {=seq(1, time)}], ",")}, 0], } ], }, options: { legend: { display: false, }, scales: { xAxes: [{ display: true, gridLines: {display: false}}], }, }, }}
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For information about Compound Interest check out our page on Compound Interest.
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