C++ Program To Find Simple Interest
Last Updated :
21 Feb, 2024
What is ‘Simple Interest’?
Simple interest is a quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Simple Interest formula:
Simple interest formula is given by:
Simple Interest = (P x T x R)/100
Where,
P is the principal amount
T is the time and
R is the rate
Examples :
Example 1:
Input: P = 10000
R = 5
T = 5
Output: 2500
We need to find simple interest on
Rs. 10,000 at the rate of 5% for 5
units of time.
Example 2:
Input: P = 3000
R = 7
T = 1
Output: 210
The formula to calculate the simple interest is:
simple_interest = (P * T * R) / 100
where P is the principal amount, T is time & R is the rate of interest.
Below is the implementation of the above example:
C++
#include<iostream>
using namespace std;
int main()
{
float P = 1, R = 1, T = 1;
float SI = (P * T * R) / 100;
cout << "Simple Interest = " << SI;
return 0;
}
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Output:
Simple Interest: 0.01
Time complexity: O(1).
Auxiliary space: O(1).
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