Simple interest is a type of interest that is calculated based on the initial amount of money that is borrowed or invested. For example, if you borrow 1000 from a bank at a simple interest rate of 5% per year, you will pay 50 in interest every year until you repay the loan. The total amount of interest that you pay does not change over time, unlike compound interest. Simple interest can be calculated using this formula:
Simple interest = Principal x Rate x Time
Where:
– Principal is the initial amount of money that is borrowed or invested
– Rate is the annual interest rate expressed as a decimal and percentage
– Time is the number of years that the money is borrowed or invested for
Using this formula, we can find out how much interest we pay for the 1000 loan:
Simple interest = 1000 x 0.05 x 1
Simple interest = 50
Therefore, we pay 50 in interest for the first year. The same amount applies for every subsequent year until we repay the loan.
To use simple interest calculator in 
Reckoner Multi Calculator, you need to enter the following information:
– Principal: The initial amount of money you invest or borrow.
– Rate: The annual interest rate expressed as a percentage.
– Time: The duration of the investment or loan in years.
– Total period : by selecting date or period based
Then app will automatically calculate the amount and show result