What does the interest calculator compute?

It calculates interest earned or payable based on principal, rate of interest, time period, and type of interest (simple or compound).

Can I use it for both loans and deposits?

Yes, the calculator works for bank deposits, investments, and loan interest calculations.

Yes, you can select annual, semi-annual, quarterly, monthly or daily compounding.

Simple interest is calculated only on the principal. Compound interest is calculated on both principal and accumulated interest.

Principal Amount (₹)

Annual Interest Rate (%)

Time Period (in years)

Type

What is the difference between Simple and Compound Interest?

Simple Interest is calculated only on the principal, while Compound Interest is calculated on principal plus accumulated interest.

Can I calculate both SI and CI here?

Yes, the calculator supports both Simple and Compound Interest.

What is the formula for Simple Interest?

SI = (P × R × T) ÷ 100, where P=Principal, R=Rate, T=Time.

What is the formula for Compound Interest?

CI = P × (1 + R/100)^T − P.

Which is better: SI or CI?

Compound Interest generally gives higher returns for investments, but higher costs for loans.