Java Program to Calculate Simple Interest

Last Updated : 26 Jul, 2024

Simple interest is a quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

Simple interest formula is given by:

Simple Interest = (P x T x R)/100

Where,

P is the principal amount
T is the time and
R is the rate

Examples: –

Example 1:

Input :  P = 10000
         R = 5
         T = 5
Output : 2500

Explanation - We need to find simple interest on 
Rs. 10, 000 at the rate of 5% for 5 
units of time.

Example 2:

Input :  P = 3000
         R = 7
         T = 1
Output : 210

Example 1:

Java

// Java program to compute
// simple interest for given principal
// amount, time and rate of interest.
import java.io.*;

class GFG {
    public static void main(String args[])
    {
        // We can change values here for
        // different inputs
        float P = 1, R = 1, T = 1;

        /* Calculate simple interest */
        float SI = (P * T * R) / 100;
        System.out.println("Simple interest = " + SI);
    }
}

// This code is contributed by Anant Agarwal.

Output

Simple interest = 0.01

Time Complexity: O(1)
Auxiliary Space: O(1)

Example 2:

Java

// Java program to compute
// simple interest for given principal
// amount, time and rate of interest.
import java.io.*;

class GFG {
    public static void main(String args[])
    {
        // We can change values here for
        // different inputs
        float P = 10000, R = 5, T = 5;

        // Calculate simple interest
        float SI = (P * T * R) / 100;
        System.out.println("Simple interest = " + SI);
    }
}