How to calculate interest rate per month: Simple Interest Calculator Our

Simple Interest Calculator Our online tools will provide quick answers to your calculation and conversion needs. On this page, you can calculate simple interest (SI) given principal, interest rate and time duration in days, months or years. We have made it easy for you to enter daily, weekly, monthly or annually charged interest rates . e.g., 2% interest per month , 5% per week, 10% per year Divide this by 12 to get the monthly interest . Steps to Calculate Monthly Interest Identify the Principal Amount: This is the initial sum of the money that is either invested or borrowed. Determine the Annual Interest Rate : This rate is typically provided as a percentage. 🙋 First: What Is an Interest Rate Per Month ? An interest rate per month tells you how much interest you’re paying (or earning) in a single month , based on the annual interest rate , also known as APR (Annual Percentage Rate ). Why monthly? Because most loans and credit cards calculate and charge interest monthly, not yearly. Example of Using an Interest Calculator To understand how to use our bank loan interest rate calculator , here is a simple example. If you have availed a loan of Rs. 10 Lakh from a lending institution at an interest rate of 10.50% for a tenure of 10 years or 120 months , the formula determines that the EMIs payable is Rs 13,493. Of this, our calculator can even help you decode that the total amount repayable after the term ends is Rs 16,19,220. Thus, the interest payable is Rs 6,19,220. How to ...