Calculate interest when the principal does not compound over time.
Simple interest is calculated only on the original principal, not on previously earned interest.
Simple interest uses I = P × r × t, where P is principal, r is the annual interest rate as a decimal and t is time in years.
Simple interest always uses the original principal as the interest base. Compound interest adds earned interest to the balance, allowing future interest to be earned on prior interest.
No. The interest base remains the original principal for the entire calculation.
Yes. Values such as 1.5 years are supported.
Add the calculated simple interest to the original principal.