In this tutorial, we are going to learn writing a python program to calculate simple interest from given principal, rate of interest, and time.
Problem Statement
Our program takes three inputs from the user as principle, rate of interest and time, and return simple interest.
For example, If the user input the principal value = 1900, rate of interest = 2 and time = 2, then our program will return ’76.0″.
What is Simple Interest?
Simple interest is a method to calculate the interest charged on a loan. It is calculated by multiplying the interest rate by the principal by the number of days that elapse between payments.
Simple Interest Formula:
SI = (P*T*R)/100
Where,
P is principle amount
T is the time duration
R is the rate of interest
Example of how we can calculate simple interest
Input
Enter principle: 1900
Enter time: 2
Enter rate: 2
Output
Simple Interest = 76
Java Program to Calculate Simple Interest
Output
Explanation
For the input value of the principal, the rate of interest and the time simple interest is calculated using the formula
Simple interest = (1900* 2 *2)/100
Simple interest = 100.00
