Calculate Simple Interest Program in 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

import java.util.*;
public class Main
{
    public static void main(String[] args) {
        float p, t, r, SI;
        System.out.println("Program to calculate Simple Interest" );
        Scanner sc = new Scanner(System.in);
        System.out.println("Please give the Principle Amount: ");
        p= sc.nextFloat();
        System.out.println("Please give the Time Duration in Years: ");
        t= sc.nextFloat();
        System.out.println("Please give the Rate of Interest: ");
        r= sc.nextFloat();
        SI = (p * t * r) / 100;
        System.out.printf("Simple Interest = %.2f",SI);
    }
}

Output

Program to calculate Simple Interest
Please give the Principle Amount: 
5000
Please give the Time Duration in Years: 
3
Please give the Rate of Interest: 
12
Simple Interest = 1800.00

Explanation

For the input value of the principal, the rate of interest and the time simple interest is calculated using the formula

Simple interest = (5000* 3 *12)/100

Simple interest = 1800.00

Hope above program to calculate simple rate of interest is clear to you.

Happy Coding !!