Simple & Compound Interest Calculator (Free)
Use this free simple and compound interest calculator to find the interest you earn and the final balance. Enter the principal, annual rate, and time, choose simple or compound interest (and the compounding frequency), and see the result with a growth chart.
How to use it
- Enter the principal, the annual interest rate (%), and the time in years.
- Choose simple or compound interest (and, for compound, how often it compounds).
- Read the interest earned and the final amount, and see the balance grow.
The formulas
Simple: I = P·r·t. Compound: A = P(1 + r/n)^(n·t), where n is the number of times it compounds per year.
Frequently asked questions
What is the difference between simple and compound interest?
Simple interest is calculated only on the principal; compound interest is calculated on the principal plus the interest already earned, so it grows faster.
What does compounding frequency mean?
How often interest is added per year — annually, quarterly, monthly, or daily. More frequent compounding gives a slightly higher final amount.
Is the calculator free?
Yes — it runs in your browser with no sign-up.
Read the full lesson: learn the method step by step.
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