Write a menu driven program in java to calculate the interest and
total amount to be paid by entering the amount of loan and the
number of years, either by
i.
Simple Interest method
ii.
Compound interest method
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Answer:
Simple Interest Formula
Simple Interest = (P × R × T)/100
P is Principal amount.
R is rate per annum.
T is time in years.
For example: Let’s say a man deposit 2000 INR in bank account at a interest rate of 6% per annum for 3 years, calculate the simple interest at the end of 3 years.
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