Simple Interest Program in Python

Simple Interest Program in Python | Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

We will discuss all possible methods to calculate a simple interest program in python. We will give the principal amount, Rate of Interest, and Time. Python program will calculate simple interest using various methods.

Simple Interest Formula

Simple Interest = ( P x R x T ) / 100
Where,
P is the principal amount
R is the rate of interest and
T is the time (number of years)

Mathematically,

Input : P = 1000
R = 5
T = 10
Simple Interest = (1000 x 5 x 10) / 100 = 500

Now let’s see how we can implement a simple interest calculator in
Python.

Python Program for Simple Interest

This is the simplest and easiest way to calculate the simple interest program in Python. 

Program description:- Write a Python program to calculate the simple interest

# Python program to find simple interest

# store the inputs
P = float(input('Enter principal amount: '))
R = float(input('Enter the interest rate: '))
T = float(input('Enter time: '))

# calculate simple interest
SI = (P * R * T) / 100

# display result
print('Simple interest = ',SI )
print('Total amount = ',( P + SI ))

Output for the different input values:-

Enter principal amount: 1000
Enter the interest rate: 5
Enter time: 10
Simple interest = 500.0
Total amount = 1500.0

Enter principal amount: 7000
Enter the interest rate: 7.5
Enter time: 5
Simple interest = 2625.0
Total amount = 9625.0

Enter principal amount: 25000
Enter the interest rate: 3.8
Enter time: 7.4
Simple interest = 7030.0
Total amount = 32030.0

In this program, Inputs (Principal amount, Interest rate, and time) will be provided by the user. Inputs are scanned using the input() function. input() method reads user input as a string. So, we need to convert it to float first. The principal amount is stored in the variable P, interest rate in R, and time in T.

P = float(input('Enter principal amount: '))
R = float(input('Enter the interest rate: '))
T = float(input('Enter time: '))

Now, calculate the simple interest using formula.

SI = (P * R * T) / 100

Then, simple interest and total amount is displayed using the print() function.

Using Function

This is a different method to calculate simple interest in python. We can also take the help of function. A function is a block of code that performs a specific task.

# Python program to calculate simple interest using function

def calculate_simple_interest(P, R, T):
    # calculate simple interest
    SI = (P * R * T) / 100
    return SI;

if __name__ == '__main__':
    # store the inputs
    P = float(input('Enter principal amount: '))
    R = float(input('Enter the interest rate: '))
    T = float(input('Enter time: '))

    # calling function
    simple_interest = calculate_simple_interest(P, R, T)
    # display result
    print('Simple interest = %.2f' %simple_interest)
    print('Total amount = %.2f' %(P + simple_interest))

Output:-

Enter principal amount: 15000
Enter the interest rate: 5.4
Enter time: 20
Simple interest = 16200.00
Total amount = 31200.00

In this program, we will be the first defined function. Inputs are scanned using the input() function and stored in variables P, R and T. Then call the function and print the simple interest and total amount.

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Also See:- Python Program to Add Two Numbers

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