To calculate the simple interest amount in a savings account, multiply the account balance by the annual percentage rate. For example, if you save $10,000 in a year and have a high-yield savings ...

If a lender uses the simple interest method, it’s easy to calculate loan interest. You will need your principal loan amount, interest rate and loan term to calculate the overall interest costs.

Simple interest calculator. To calculate simple interest on a loan, multiply the principal (P) by the interest rate (R) by the loan term in years (T), then divide the total by 100.

Simple vs. Compound Interest Interest typically comes in two forms: simple and compound. Nearly all savings accounts pay compound interest , but knowing how to calculate simple interest can help ...

Calculating simple interest. If you're trying to figure out how to calculate simple interest on a loan or other bank product, you can use the simple interest formula, below: ...

Simple interest is calculated solely on the principal. If you deposit $10,000 into a savings account with simple interest and a 4.00% interest rate, your balance would be $14,000 after 10 years.

Our savings account calculator will help you see how much interest your savings account is earning—or if it’s time to change banks to earn more.