Java Program to Calculate Simple Interest

In this tutorial, we will write a java program to calculate simple interest.

To write the program on compound interest, refer this guide: Program to calculate compound interest.

Simple Interest Formula

Simple Interest = (P × R × T)/100

P is Principal amount.
R is rate per annum.
T is time in years.

For example: Let’s say a man deposit 2000 INR in bank account at a interest rate of 6% per annum for 3 years, calculate the simple interest at the end of 3 years.

Simple interest = 2000*6*3/100 = 360 INR

Java Program to calculate simple interest

In the following example we are taking the values of p, r and t from user and then we are calculating the simple interest based on entered values.

import java.util.Scanner;
public class JavaExample
{
    public static void main(String args[]) 
    {
        float p, r, t, sinterest;
        Scanner scan = new Scanner(System.in);
        System.out.print("Enter the Principal : ");
        p = scan.nextFloat();
        System.out.print("Enter the Rate of interest : ");
        r = scan.nextFloat();
        System.out.print("Enter the Time period : ");
        t = scan.nextFloat();
        scan.close();
        sinterest = (p * r * t) / 100;
        System.out.print("Simple Interest is: " +sinterest);
    }
}

Output:

Enter the Principal : 2000
Enter the Rate of interest : 6
Enter the Time period : 3
Simple Interest is: 360.0

Screenshot from Eclipse IDE:

Related Java Examples

1. Java program to calculate average of values using array
2. Java program to calculate area of square
3. Java program to print alternate prime numbers
4. Java program to print pascal triangle