Java Program to Calculate Simple Interest

Simple interest is a quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

Simple interest formula is given by:

Simple Interest = (P x T x R)/100 

Where,

• P is the principal amount
• T is the time and
• R is the rate

Examples: –

Example 1:

Input : P = 10000
 R = 5
 T = 5
Output : 2500

Explanation - We need to find simple interest on 
Rs. 10, 000 at the rate of 5% for 5 
units of time.

Example 2:

Input : P = 3000
 R = 7
 T = 1
Output : 210

Example 1:

Simple interest = 0.01

Time Complexity: O(1)
Auxiliary Space: O(1)

Example 2:

Simple interest = 2500.0

Time Complexity: O(1)
Auxiliary Space: O(1)

Please refer complete article on the Program to find simple interest for more details!

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