Java Program to Calculate Simple Interest

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

Simple Interest Formula

Simple Interest = (P × R × T)/100
  • P is the Principal amount.
  • R is the rate per annum.
  • T is time in years.
For example: Let’s say a man deposit 5000 INR in a bank account at an interest rate of 5% per annum for 5 years, calculate the simple interest at the end of 5 years.
Simple interest = 5000*5*5/100 = 1250.0 INR

Java Program to calculate simple interest

In the following program, we are taking the values of p, r, and t from a user, and then we are calculating the simple interest based on entered values.
package com.javaguides.java.tutorial;

import java.util.Scanner;

/**
 * Java Program to calculate simple interest
 * 
 * @author https://www.sourcecodeexamples.net/
 *
 */
public class JavaProgram {
    public static void main(String[] args) {

        try (Scanner scanner = new Scanner(System.in)) {
            float p, r, t, sinterest;
            System.out.print("Enter the Principal : ");
            p = scanner.nextFloat();
            System.out.print("Enter the Rate of interest : ");
            r = scanner.nextFloat();
            System.out.print("Enter the Time period : ");
            t = scanner.nextFloat();
            sinterest = (p * r * t) / 100;
            System.out.print("Simple Interest is: " + sinterest);
        }
    }
}
Output:
Enter the Principal : 5000
Enter the Rate of interest : 5
Enter the Time period : 5
Simple Interest is: 1250.0

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