Program to calculate simple interest (Java & Example)

Problem Statement ?

• Given
  • Principal amount (P).
  • Rate of interest (R).
  • Time Period (T)
• Find out the simple interest in Java

Example: calculate simple interest in java

Formula for Simple Interest : (Principal × Rate of Interest × Time)/100

Suppose,

Principal = 10000 dollars

Rate of interest = 10% per annum

Time Period = 5 years.

Simple Interest = (10000 * 10 * 5) / 100

Simple Interest = 5000 dollars

Program: calculate simple interest in java

package org.learn.beginner;

import java.util.Scanner;

public class SimpleInterest {

    public static void main(String[] args) {
        try (Scanner scanner = new Scanner(System.in)) {

            System.out.print("Enter principal amount: ");
            double principal = scanner.nextDouble();

            System.out.print("Enter rate of interest: ");
            double rate = scanner.nextDouble();

            System.out.print("Enter time in years: ");
            double time = scanner.nextDouble();

            double simpleInterest = (principal * rate * time) / 100;
            System.out.println("Simple Interest is :"+simpleInterest);
        }
    }
}

Output: simple interest for Principal amount is

Enter principal amount: 10000
Enter rate of interest: 10
Enter time in years: 5
Simple Interest is :5000.0