SIMPLE INTEREST CALCULATOR

A mini project report submitted in partial fulfilment of

requirement for the Bachelor of Degree in Data Science
Submitted by
B.USHA RANI 535244201
B.RAJITHA 535244202
C.SAI PRIYA 535244203
G.ABHINAYA 535244204
Under the supervision and guidance of
MRS.ANITHA THAKUR

KAKATIYA UNIVERSITY
Department of Bachelor of Science in Data Science
DEGREE COLLEGE
(Affiliated To Kakatiya University)
Mancherial, Telangana-504208 (2024-2025)

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 SRI HARSHA
DEGREE COLLEGE
(Affiliated to Kakatiya University)
Mancherial, Telangana-504208
BACHELOR OF SCIENCE IN DATA SCIENCE

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 CERTIFICATE BY SUPERVISOR

This is to certify that Mini Project Work entitled “simple interest calculator”
carried out by B.USHA RANI(535244201)in partial fulfillment for the award of
Degree of Bachelor of Science in Data Science , SRI HARSHA DEGREE COLLEGE,
MANCHERIAL during the academic year 2024-2025.

Signature of internal guide Signature of Principal

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 DECLARATION
We hereby declare that the titled “Simple interest converter”
submitted to SRI HARSHA DEGREE COLLEGE, affiliated to Kakatiya
University(KU) for the award of the degree of Bachelor of Science in
Data Science is a result of original research carried-out in this Project. I
understand that my report may be made electrically available to the
public. It is further declared that the project report or any part there of
has not been previously submitted to any University or Institute for the
award of degree.

B.USHA RANI 535244201

B.RAJITHA 535244202

C.SAI PRIYA 535244203

G.ABHINAYA 535244204

Degree : Bachelor of Science

Department : Data Science
Title of the project : simple interest converter

Date: Signature of students

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 ACKNOWLEDGEMENTS

I feel myself honoured and privileged to place our warm salutation to our
college SRI HARSHA DEGREE COLLEGE Mancherial for their kind support and
encouragement in completion of the project report.

I wish to convey gratitude to our Principal MRS.ANITHA THAKUR for

providing us with the environment and mean to enrich our skills and
motivating us and helping us to realize our full potential.

I would also like to thank our project coordinator MRS.ANITHA THAKUR, for her
kind encouragement and overall guidance in viewing this program a good asset
with profound gratitude.

Lastly, I thank my family and friends for their constant encouragement for the
completion of the project that gave me strength to do the project.

With regards and Gratitude

B.USHA RANI

B.RAJITHA

C.SAI PRIYA

G.ABHINAYA

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 ABSTRACT

Simple Interest is an easy method of calculating the interest

for a loan/principal amount. Simple interest is a concept that
is used in many sectors such as banking, finance, automobile,
and so on. When you make a payment for a loan, first it goes
to the monthly interest and the remaining goes towards the
principal amount. In this article, let us discuss the definition,
simple interest formula, and how to calculate the simple
interest with examples.

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 INDEX

SL.NO TITLE Page.No

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1. Introduction

2. Simple Interest 10

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3. Objectives
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4. Python
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5. Tkinter

6. Pros 16

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7. Cons

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8. Conclusion
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INTRODUCTION

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 INTR0DUCTION
TABLE OF CONTENTS
PERSONAL FINANCE BANKING
Simple Interest Definition: Who Benefits, With Formula and Example
By ADAM HAYES Updated October 30, 2021
Reviewed by SOMER ANDERSON
Fact checked by SUZANNE KVILHAUG
Simple Interest
Investopedia / Nez Riaz

What Is Simple Interest?

Simple interest is a quick and easy method of calculating the interest charge on a loan.
Simple interest is determined by multiplying the daily interest rate by the principal by the
number of days that elapse between payments.
This type of interest usually applies to automobile loans or short-term loans, although some
mortgages use this calculation method.

KEY TAKEAWAYS
Simple interest is calculated by multiplying the daily interest rate by the principal, by the
number of days that elapse between payments.
Simple interest benefits consumers who pay their loans on time or early each month.
Auto loans and short-term personal loans are usually simple interest loans.

Understanding Simple Interest

Interest is the cost of borrowing money. Typically expressed as a percentage, it amounts to
a fee or extra charge the borrower pays the lender for the financed sum.
When you make a payment on a simple interest loan, the payment first goes toward that
month’s interest, and the remainder goes toward the principal. Each month’s interest is paid
in full so it never accrues. In contrast, compound interest adds some of the monthly interest
back onto the loan; in each succeeding month, you pay new interest on old interest.
To understand how simple interest works, consider an automobile loan that has a $15,000
principal balance and an annual 5% simple interest rate. If your payment is due on May 1
and you pay it precisely on the due date, the finance company calculates your interest on
the 30 days in April. Your interest for 30 days is $61.64 under this scenario. However, if you
make the payment on April 21, the finance company charges you interest for only 20 days in
April, dropping your interest payment to $41.09, a $20 savings.

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 simple Interest
simple interest paid or received over a
certain period is a fixed percentage of the principal
amount that was borrowed or lent.

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 OBJECTIVES
 Calculate the simple interest on a loan.
Calculate the future value of a simple interest loan.
 Calculate the present value of a simple interest loan given the future
value.
 Calculate the payments for an add-on interest loan.
 Calculate the average daily balance for a billing period.
 Calculate the finance charges for a billing period.
 Find the simple interest on a loan amount of 8950 at 9½ annual interest
for 10 months.
 Find the future value of 3670 deposited at 2¾ annual simple interest for
7 years.
 How much must be deposited now at annual simple interest so that in 2
years and 7 months an account will contain 3000?
 Sam Spade inherited 7,000. He wants to buy a used car, but the type of
car he wants typically sells for around 8,000. If his money can earn 6½
annual simple interest, how long must he invest his money?
 Find the simple interest on a loan amount of 35037 at 6 annual interest
for 2 years.
 Find the simple interest on a loan amount of 5682 at 11¾ annual interest
for 278 days.
 Find the maturity value of 2720 borrowed at 12¾ annual simple interest
for 275 days.
 Find the present value of a future value 420 at 5½ annual simple interest
for 2 years.
 Be the first to comment on Find the simple interest on a loan amount of
35037 at 6 annual interest for 2 years.
 Find the simple interest on a loan amount of 5682 at 11¾ annual interest
for 278 days.
 Find the maturity value of 2720 borrowed at 12¾ annual simple interest
for 275 days.
 Find the present value of a future value 420 at 5½ annual simple interest
for 2 years.

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 PYTHON
 Free and Open Source
 Easy to code
 Easy to Read
 Object-Oriented Language
 GUI Programming Support
 High-Level Language
 Extensible feature
 Easy to Debug
 Python is a Portable language
 Python is an Integrated language
 Interpreted Language:
 Large Standard Library
 Dynamically Typed Language
 Frontend and backend development
 Allocating Memory Dynamically

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 Tkinter
 Python offers multiple options for developing GUI (graphical
user interface). Out of all the GUI methods, Tkinter is the most
commonly used method.
 It is a standard python interface to the TK GUI
 Python with tkinter is the fastest and easiest way to create
the GUI applications.
 Importing tkinter is same as importing any other module in the
python code. i.e; Import tkinter

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In simple interest calculator screen, we observe
 Principle amount
 Rate of interest
 Months
 Interest
 Calculate
 Clear
 Exit

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What is a Simple Interest Calculator?
A simple interest calculator is a utility tool that calculates the interest on loans
or savings without compounding. You may calculate the simple interest on the
principal amount on a daily, monthly, or yearly basis. The simple interest
calculator has a formula box, where you enter the principal amount, annual
rate, and period in days, months, or years. The calculator will display interest
on the loan or the investment.

How to Use the Simple Interest Calculator?

The Simple Interest Calculator shows you the simple interest you have earned
or spent on any deposits or loans. To use the simple interest calculator:
You enter the principal amount.
You then enter the annual rate of interest.
You must choose the time duration in months.
The Simple Interest Calculator will show you the simple interest .

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 PROS

 With the help of the simple interest calculator, you can determine
the interest earned or paid on a specific sum of principal over a
specified period of time.
 You can seamlessly change the inputs and get the desired results.
You can use this to compare various pairings and make advanced
financial plans.
 Different fixed-interest investment plans can be easily compared
so you can pick the best one for your financial objectives.
 You can avoid performing challenging math by using a
straightforward interest calculator. In a matter of seconds, you
can quickly and easily calculate everything.
 In many situations where we need to compute the interest
amount on the principal based on a set interest rate, simple
interest calculator may come in handy.
fixed interest rate investment schemes: Assuming you
invested in a fixed income plan like a fixed deposit, RD, SGB, SSY,
etc., you would get interest at a set rate. Using a simple interest
calculator, you can easily determine the amount of your investment
that will mature.

Loan repayment: You may figure out the loan’s EMI amount with
the aid of the straightforward interest calculator. This makes it easier
for you to predict the payback in advance, allowing you to
successfully tailor your loan plan.

Earning interest through lending: Consider that you have given

someone a loan of money and that you are charging a fixed interest
rate on the borrowed sum. In that situation, you are also able to find
out how much money you would be making from the borrower by
using a straightforward interest calculator.

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 CONS
 In this we can only enter time period as months
 We can calculate simple interest

Future Scope
In future we can calculate simple interest with time period in days, weeks,
quarters, or years

In futher We can calculate compound interest along with simple interest

In such ways we can try to improve accessibility to perform calculation

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 Conclusion

After reading the information above, we hope now you

have a better understanding of how to use the simple
interest online calculator provided by us to calculate
simple interest quickly and efficiently.

Simple interest calculator benefits are many. it helps

investors and borrowers to calculate their interest
easily. Armed with decades of knowledge.

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 Reference

Books
1. Python Crash Course
2. Learning python, 5th Edition
3. Introduction to python programming
NAMES: S. Gowri shankar , author.|A.Veena
author
4. Julian’s interest book
Author:-Eran Julian

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THANK YOU

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