This calculator for simple interest-only finds I, the simple interest where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Simple Interest Formulas and Calculations: At the close of the investment after 3 years, you would end up with a withdrawal amount of 3,282.51. Let's speculate that you put the money into a 36 month CD with an annual interest rate of 3. 360 days/year have 30 days/month and 90 days/quarter. CD Interest Rate Calculator (Certificate of Deposit) Use our CD earnings calculator to calculate how much interest return youll get on your money before signing up for an account. If you were using a CD to help save resources up for a big vacation a couple of years from now, you might begin with an initial deposit of 3000. Time conversions that are based on day count of 365 days/year have 30.4167 days/month and 91.2501 days/quarter. Online-only banks and credit unions continue to have the most competitive interest rates on certificates of. Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years. The best CD rates for terms of three years or longer tend to be between 4 and 5 APY. R = Rate of Interest per year as a percent R = r * 100.r = Rate of Interest per year in decimal r = R/100.
Simple interest does not include the effect of compounding.
Calculate simple interest on the principal only, I = Prt.
