Interest Month Calculator

The amount borrowed, lent or invested.
A negative rate is permitted and produces negative interest.
Used only to convert a term given in days into a fraction of a year.
Interest
4.17
Simple Interest Calculator
Final amount
1,004.17
Principal
1,000.00
Annual rate
5.0000 %
Time
0.083333 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

3 steps
  1. Term in years t = 0 + 1/12 + 0/365 = 0.08333333
  2. I = P x (r/100) x t = 1000 x (5/100) x 0.08333333 = 4.166667
  3. A = P + I = 1000 + 4.166667 = 1004.166667

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