Simple Interest Calculation of Savings Bank Accounts / Loan Accounts
Simple Interest calculation is one of the routine activity performed by Banks. Savings Bank account holder gets interests on their deposits in bank. Loan takers from the bank pay the interest to the bank.
In the following flowchart, P is Principle amount, R is Rate of Interest, N is number of years and I is used for Simple Interest.
Formula to calculate Simple Interest (I) based on given P, R and N is as under:
I = (P * R * N) / 100
Fig. Flowchart to Calculate Simple Interest
Here, P = Principal amount, R = Rate of Interest, N = No. of years and I = Simple Interest.
More Sample Flowchart