Python program to calculate simple interest

Python program to calculate simple interest

In this tutorial, we are going to learn writing the python program to calculate the simple interest from given principal, rate of interest, and time.

Problem Statement

For the inputs given by the user, calculate the simple interest.

For example:

Case1: If the user has given input, the principal value = 1900, rate of interest = 2 and time = 2,

              Then the output should be ’76.0′.

Case2: If the user input the principal value = 700, rate of interest = 3 and time = 10,

             Then the output should be ’210.0′.

Our logic to calculate simple interest

  • Our program will take principal, rate of interest and time value from the user.
  • By using the values given by the user, our program will calculate the value of simple interest and return the simple interest as the output of our program.

The common formula to calculate simple interest is :

                        Simple interest = (principal x rate of interest x time)/100

Algorithm to calculate simple interest

Step 1: Start

Step 2: Take the values of principal, rate of interest, and time values input from the user.

Step 3: Use the formula of simple interest( Simple interest = (principal x rate of interest x time)/100 ) to calculate the simple interest value.

Step 4: print the simple interest value.

Step 5: Stop

Python code to calculate simple interest

Output 1:

Explanation:

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

                        Simple interest = (10000 * 5 *5)/100

                        Simple interest = 2500.0

Output 2:

Explanation:

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

                        Simple interest = (7600 * 8 *3)/100

                        Simple interest = 1824.0