A simple interest calculator is a quick tool that helps you compute interest earned or payable on a loan or investment without compounding—ideal for straightforward scenarios like short-term deposits, personal loans, or basic savings. It uses the formula 𝐼
𝑃 × 𝑅 × 𝑇 , where 𝑃 is the principal, 𝑅 is the annual interest rate, and 𝑇 is the time in years