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Python Program to Compute Simple Interest Given all the Required Values

When it is required to compute a simple interest when the amount, rate and interest are given, a simple formula can be defined, and the elements can be plugged into the formula.

Below is a demonstration of the same −

Example

principle_amt = float(input("Enter the principle amount..."))
my_time = int(input("Enter the time in years..."))
my_rate = float(input("Enter the rate..."))
my_simple_interest=(principle_amt*my_time*my_rate)/100
print("The computed simple interest is :")
print(my_simple_interest)

Output

Enter the principle amount...45000
Enter the time in years...3
Enter the rate...6
The computed simple interest is :
8100.0

Explanation

  • The principal amount, the rate of interest, and the time are taken as user inputs.

  • Another formula is defined to compute the simple interest.

  • This is assigned to a variable.

  • This is the computed value which is displayed on the console.