# Simple Interest Calculator: Calculate Your Interest and End Balance

## Introduction

Are you looking for a simple way to calculate the interest and end balance for a loan or mortgage? Look no further! With our Simple Interest Calculator, you can easily compute the interest and end balance based on the simple interest formula. Whether you want to calculate interest annually, monthly, or even daily, our calculator has got you covered!

## The Simple Interest Formula

Before we dive into the calculator, let’s first understand the simple interest formula.

The formula for calculating simple interest is:

**Simple Interest = Principal x Rate x Time**

Where:

**Principal**is the initial amount of money you borrowed or invested.**Rate**is the annual interest rate as a decimal.**Time**is the number of years the money is borrowed or invested for.

This formula allows you to calculate the interest earned or paid over a specific period of time.

## Using the Simple Interest Calculator

Our Simple Interest Calculator makes it easy for you to calculate the interest and end balance. Simply follow these steps:

- Enter the
**Principal**amount. - Enter the
**Rate**of interest (annual percentage rate). - Choose the
**Time**period (annually, monthly, or daily). - Click on the “Calculate” button.

The calculator will instantly display the calculated **Simple Interest** and the **End Balance** based on your inputs.

## Example Calculations

Let’s walk through a few examples to illustrate how the Simple Interest Calculator works.

### Example 1:

You borrow $10,000 at an annual interest rate of 5% for a period of 3 years. Let’s calculate the simple interest and end balance.

**Principal:** $10,000

**Rate:** 5% (0.05)

**Time:** 3 years

Using the simple interest formula:

Simple Interest = $10,000 x 0.05 x 3 = $1,500

The simple interest earned over 3 years is $1,500. The end balance would be the sum of the principal and the interest, which is $11,500.

### Example 2:

You invest $5,000 at an annual interest rate of 3.5% compounded monthly for a period of 5 years. Let’s calculate the simple interest and end balance.

**Principal:** $5,000

**Rate:** 3.5% (0.035)

**Time:** 5 years

Using the simple interest formula:

Simple Interest = $5,000 x 0.035 x 5 = $875

The simple interest earned over 5 years is $875. The end balance would be the sum of the principal and the interest, which is $5,875.

## Conclusion

Our Simple Interest Calculator provides a quick and convenient way to calculate the interest and end balance based on the simple interest formula. Whether you need to calculate interest annually, monthly, or daily, our calculator can handle it all. Use it to calculate the interest and end balance for loans, mortgages, or any other financial transactions. Start using our Simple Interest Calculator today and take the guesswork out of your interest calculations!