The concept of calculating interest rates is quite simple and the rate calculation is not something complicated. Calculating interest rates of a loan using an online calculator is easy and intuitive.
Simple interest is calculated with the following formula: S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = The rate of interest is in percentage r% and is to be written as r/100. Principal: The principal is the amount that initially borrowed from the bank or invested.