Question

Write a program in Java to calculate the Simple Interest and Amount of Rs. 50,000/- @5.75% rate of interest for 5 years. Display the result with proper message. Write Variable Description and Comments also.

Answer 1

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.

Simple interest = 2000*6*3/100 = 360 INR

Java Program to calculate simple interest

In the following example we are taking the values of p, r and t from user and then we are calculating the simple interest based on entered values.

import java.util.Scanner;

public class JavaExample

{

public static void main(String args[])

{

float p, r, t, sinterest;

Scanner scan = new Scanner(System.in);

System.out.print("Enter the Principal : ");

p = scan.nextFloat();

System.out.print("Enter the Rate of interest : ");

r = scan.nextFloat();

System.out.print("Enter the Time period : ");

t = scan.nextFloat();

scan.close();

sinterest = (p * r * t) / 100;

System.out.print("Simple Interest is: " +sinterest);

}

}

Output:

Enter the Principal : 2000

Enter the Rate of interest : 6

Enter the Time period : 3

Simple Interest is: 360.0

Screenshot from Eclipse IDE:

Java Program to calculate simple interest