Calculate Simple Interest
Calculate simple interest given principal, rate, and time.
BeginnerTopic: Basic Python Programs
What You'll Learn
- Implementing a financial formula in Python
- Reading and using percentage rates
- Combining multiplication and division in expressions
Python Calculate Simple Interest Program
This program helps you to learn the fundamental structure and syntax of Python programming.
# Program to calculate simple interest
principal = float(input("Enter principal amount: "))
rate = float(input("Enter annual interest rate (in %): "))
time = float(input("Enter time in years: "))
simple_interest = (principal * rate * time) / 100
print("Simple Interest is:", simple_interest)Output
Enter principal amount: 1000 Enter annual interest rate (in %): 5 Enter time in years: 2 Simple Interest is: 100.0
Step-by-Step Breakdown
- 1Read principal, rate, and time from the user.
- 2Apply the simple interest formula (P * R * T) / 100.
- 3Store the result in simple_interest.
- 4Print the computed interest.
Understanding Calculate Simple Interest
Simple interest is calculated using the formula:
SI = (P × R × T) / 100
Where:
•
P is principal,•
R is annual rate in percent,•
T is time in years.This example connects basic arithmetic with a common financial formula.
Note: To write and run Python programs, you need to set up the local environment on your computer. Refer to the complete article Setting up Python Development Environment. If you do not want to set up the local environment on your computer, you can also use online IDE to write and run your Python programs.