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:
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