Simple interest calculator helps calculated simple interest on a particular amount, borrowed or invested by an individual. It calculates simple interest on yearly as well as monthly basis.
For an example in the above given simple interest calculation:
Simple Interest on (Yearly Basis)
An individual who has borrowed or invested Rs.100000/- for 1.0 years
at the simple interest rate of 3% per annum
has to pay or will receive a simple interest gain of Rs.3000/- on the principal amount,
which calculates to Rs.250/- per month.
Simple Interest on (Monthly Basis)
Having simple interest rate of 3% per month
an individual has to pay or will receive a simple interest gain of Rs.36000/-
on the principal amount of Rs.100000/- for 1.0 years.
The simple interest on monthly base calculates to Rs.3000/- per month.