When to use simple interest?

For loans/deposits under one year typically.

No—it’s a flat interest model.

Can time be in months?

Convert months to years (e.g., 6 mo = 0.5 yr).

For loans/deposits under one year typically.

No—it’s a flat interest model.

Convert months to years (e.g., 6 mo = 0.5 yr).

Compute simple interest on a principal amount over a period at a given rate of interest.

Estimated Total7500 (local currency)