How Interest Rate Calculator

The amount borrowed, lent or invested.
Used only to convert a term given in days into a fraction of a year.
Enter this when solving for the rate, the principal or the time.
Annual rate
5.0000 %
Simple Interest Calculator
Interest
100.00
Final amount
1,100.00
Principal
1,000.00
Time
2.000000 year
Interest per day
0.1370
Interest per month
4.1667
Worked out from OpenStax, Elementary Algebra 2e - simple interest and proportional relationships and 1 other source.
Simple, non-compounding interest only: no fees, taxes, payments, variable rates or compounding.

How this is worked out

2 steps
  1. Term in years t = 2 + 0/12 + 0/365 = 2
  2. r = 100 x I / (P x t) = 100 x 100 / (1000 x 2) = 5%

Results are general information, not financial, tax, legal, medical or engineering advice.