Calculate Simple Interest Program in Java

simple interest program java

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

Simple Interest Program in Java

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