Simple interest rate is the rate of total interest that you will get based on your principle amount, or your monthly or yearly installment to pay off the loan you have taken from a bank.
However, no matter what the purpose is, you will need the interest calculator, especially simple one because most of the banks run this system.
Moreover, you may know that there are more systems to count interest or charging with installments & they are slightly different from the simple interest rate; therefore, you must get an offline or online simple interest rate calculator.
What Are the Uses of Simple Interest Rate Calculator?
Let’s see what are the uses of simple interest rate calculator:
- You can calculate the total time you have to pay your loan if you know the rate & total amount.
- You can calculate the total amount with profit after you have deposited a fixed amount; you will need the principle amount, time, & interest rate.