Simple Interest Using Python

leap year program in python
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This Python program calculates the simple interest based on the principal amount, interest rate, and time period provided by the user. Simple interest is a basic financial concept that determines the additional amount of money earned or paid on top of the initial investment or loan amount.

Algorithm:

  1. Read the principal amount, interest rate, and time period from the user.
  2. Calculate the simple interest using the formula: interest = (principal * rate * time) / 100.
  3. Print the calculated simple interest.

Python Program:

    
     # Input principal amount, interest rate, and time period
principal = float(input("Enter the principal amount: "))
rate = float(input("Enter the interest rate: "))
time = float(input("Enter the time period in years: "))

# Calculate simple interest
interest = (principal * rate * time) / 100

# Print the calculated simple interest
print("Simple Interest:", interest)

    
   

Input :

    
     Enter the principal amount: 1000
Enter the Interest Rate: 5
Enter the time periods in year : 2
    
   

Output :

    
     Simple Interest : 100.0
    
   

In the above example, the user enters a principal amount of 1000, an interest rate of 5%, and a time period of 2 years. The program then calculates the simple interest as 100.0 and displays it as the output.