Simple interest calculator help

 Settings Remark Time period (T) Time period (T) is the length of time that the money is borrowed or lend. Decimal numbers can be entered. Normally the interest (I) is calculated at the end of each time period (T). There are two ways to specify the time period: Method 1: Enter a value and select the unit time period: days, weeks, bi-weeklies, semi-monthlies, months, bi-monthlies, quarters, semi-annuallies or years. Method 2: Select a from date and to date. The number of days between the from and to date is the time period. Method 1: You can choose between the following unit time periods: days For example: 5 days The interest (I) is calculated at the end of 5 days. weeks For example: 5 weeks The interest (I) is calculated at the end of 5 weeks. bi-weeklies (every two weeks) For example: 5 bi-weeklies The interest (I) is calculated at the end of 5 bi-weeklies. semi-monthlies (twice a month) For example: 5 semi-monthlies The interest (I) is calculated at the end of 5 semi-monthlies. months For example: 5 months The interest (I) is calculated at the end of 5 months. bi-monthlies (every two months) For example: 5 bi-monthlies The interest (I) is calculated at the end of 5 bi-monthlies. quarters For example: 5 quarters The interest (I) is calculated at the end of 5 quarters. semi-annuallies (twice a year) For example: 5 semi-annuallies The interest (I) is calculated at the end of 5 semi-annuallies. years For example: 5 years The interest (I) is calculated at the end of 5 years. Using bi or semi in front of time periods means: bi = every two For example: bi-weekly = every two weeks bi-monthly = every two months semi = twice a For example: semi-annually = twice a year semi-monthly = twice a month The interest rate (R) and time period (T) should be in the same time units such as weeks, months, years etc. If they differ the calculator will adjust the time period accordingly. Example 1: How time period will be adjusted: Interest rate = 5% per month Time period = 7 weeks 52 weeks equals 12 months equals 1 year Thus 7 weeks equals (7*12)/52 = 1.615384 months Example 2: How time period will be adjusted: Interest rate = 5% per two weeks Time period = 2 quarters 4 quarters equals 26 two weeks equals 1 year Thus 2 quarters equals (2*26)/4 = 13 two weeks Example 3: How time period will be adjusted: Interest rate = 5% per half year Time period = 2 half months 24 half months equals 2 half years equals 1 year Thus 2 half months equals (2*2)/24 = 0.166667 half year The simple interest equation: FV = P + I I = P * R * T where: FV = Future value I = Interest amount P = Principal amount R = Interest rate (as a decimal, not in percentage) T = Time period