Python Program to Calculate Simple Interest

In this example, we will write a simple program that calculates the simple interest in Python. To better understand this example, make sure you have knowledge of the following tutorials:-

Let us have a look at the formula for calculating the simple interest.

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

Source Code:

p = float(input("Enter the principal amount: "))
t = float(input("Enter the time in years: "))
r = float(input("Enter the interest rate: "))

simple_interest = p * t * r / 100

print("Simple Interest = %.2f" %simple_interest)

The output of the above program is:-

Enter the principal amount: 100000
Enter the time in years: 1
Enter the interest rate: 12
Simple Interest = 12000.00
In this program, the user input is taken using input() function which takes input as a string. But as we are doing the calculation part, we need the input to be a float. So, we did the type-conversion using float() function.
The input from the user is taken as p for the principal amount, t for the time in years and r for the interest rate. The mathematical formula for simple interest is applied and the result is displayed using print () function.