Simple interest

Simple interest is a simple way to calculate the interest on a loan. Simple interest is determined by multiplying the principal by the daily interest rate multiplied by the number of days elapsed between payments. – Investopedia

Logic

After taking input (Principle, Rate, Time) from the user we have to use a very simple formula shown below:

Simple interest formula

Where, P = Principle, T = Time and R = Rate

To calculate simple interest we have to multiply principal, rate and time, then divide it by 100 and print the result.

Program

SimpleInterest.javaCopy
import java.util.Scanner;

public class SimpleInterest {

    public static void main(String[] args) {

        Scanner scanner = new Scanner(System.in);

        System.out.println("Enter principal : ");
        float principal = scanner.nextFloat();

        System.out.println("Enter rate : ");
        float rate = scanner.nextFloat();

        System.out.println("Enter time : ");
        float time = scanner.nextFloat();

        // Calculate simple interest
        double result = (principal * rate * time) / 100;

        System.out.println("Simple interest : " + result);
    }
}
Try It

Output

Enter principal : 1000
Enter rate : 4
Enter time (year) : 2
Simple interest : 80.0