Simple Interest Calculator
Calculates simple (non-compounding) interest.
Result
- Interest
- S$600.00
- Total
- S$10,600.00
How to use the simple interest calculator
- Enter the principal (S$).
- Enter the annual rate (%).
- Enter the years.
- The results update as you type, or press Calculate.
- Read the interest first, then the supporting figures below it.
Formula
I = P × r × t.
Worked example
For example, with these inputs:
- Principal (S$): 10,000
- Annual rate (%): 3
- Years: 2
the calculator returns:
- Interest: S$600.00
- Total: S$10,600.00
Background
Calculators make it easy to compare scenarios side by side: a shorter tenure versus a lower instalment, a higher deposit versus more cash in hand, or paying down debt versus investing. Seeing the total cost, not just the monthly figure, usually makes the better choice obvious.
Inflation erodes buying power, so a savings goal set in today's dollars needs to be adjusted upwards for the years it will take to reach it. Singapore's core inflation has varied widely over the past decade, so it is worth testing a range of rates.
Frequently asked questions
How does the simple interest calculator work?
It applies this formula: I = P × r × t.
Is this financial advice?
No. It is a calculation tool. For decisions about loans or investments, compare official offer documents and consider speaking to a licensed adviser.