Intro – Interest Calculator
Simple Interest Calculator is based on the principle amount, the rate of interest, and the time period for which the interest us calculated. It is a fundamental financial concept used in various applications, such as banking loans and investments. Implementing simple interest calculator in C++ involves understanding basic arithmetic operations and input/output handling.
Formula for Simple Interest
The formula to calculate simple interest is:
Where:
- P is the principal amount (initial investment or loan amount),
- R is the annual interest rate (in percentage),
- T is the time period (in years).
Project Codes
Here is the Complete Project Codes of the Interest Calculator in C++,
#include <iostream>
float calculateSimpleInterest(float principal, float rate, float time) {
return (principal * rate * time) / 100.0;
}
int main() {
float principal, rate, time;
// Input principal amount, rate of interest, and time period
std::cout << "Enter principal amount: ";
std::cin >> principal;
std::cout << "Enter annual interest rate (in percentage): ";
std::cin >> rate;
std::cout << "Enter time period (in years): ";
std::cin >> time;
// Calculate simple interest
float interest = calculateSimpleInterest(principal, rate, time);
// Output the calculated simple interest
std::cout << "Simple Interest = " << interest << std::endl;
return 0;
}