Formulas
Simple interest = P × R × T ÷ 100. Interest is charged only on the original principal.
Compound interest = P × (1 + R/(100k))k×T − P. Interest is added to the principal and then earns interest itself.
Frequently asked questions
Which is higher, SI or CI?
For the same rate and a period longer than one compounding cycle, compound interest is always higher.
What is 2 rupees interest per month?
'2 rupees per hundred per month' means 2% a month, or 24% a year simple interest. Enter 24 as the rate.