Simple Interest Calculator
Interest charged only on the original amount, never on accrued interest.
How it works
Simple interest is I = P x r x t. It never compounds, so the interest in year ten is identical to the interest in year one.
It survives mostly in short-term lending, some bonds and certain car loans. Anything running for years will almost certainly compound, and the gap widens fast — over 30 years at 7%, compounding produces roughly three times the return.