Simple interest

Input(s)

P: Principal Amount (currency unit)

$\mathrm{t}$: Time (12 months or 360 days)

r: Interest Rate per Period (fraction)

Output(s)

SI: Simple interest (currency unit)

Formula(s)

$$ \mathrm{SI}=\mathrm{P} * \mathrm{r} * \mathrm{t} $$

Reference(s)

Mian, M. A. 2011. Project Economics and Decision Analysis Volume 1: Deterministic Models, Second Edition. Tulsa, Oklahoma: PennWell Corporation. Chapter 2, Page: 39.