Loan Amount =

Interest/Year =

Loan Date = 0/0/0

Repay Date = 0/0/0

#Days =

Repay Amount =

Calculates the amount owed on a loan assuming simple interest. Simple interest problems assume that interest is not compounded as in most loans, leases and mortgages. Instead it assumes that interest on the loan is paid only once along with repayment of the principal at the end of the term.

- Loan Amount: Initial loan amount

- Interest/Year: Annual interest rate expressed as a percentage

- Loan Date: Date the loan was made

- Repay Date: Date the loan will be/was repaid

- #Days: Days between loan date and repayment date. Is automatically calculated if Loan Date and Repay Date is entered or can be entered directly.

- Repay Amount: Amount to be repaid

A loan shark will lend you $1,000 starting on October 27, 2010 and it must be repaid by November 30, 2010. The loan shark is charging 200% simple interest. What amount needs to be repaid?

- Loan Amount: 1,000.00

- Interest/Year: 200%

- Loan Date: October 27, 2010

- Repay Date: November 30, 2010

Select "=" on Repay Amount row. You owe the loan shark $1,186.30.

A friend lends you $1000 at 200% simple interest for 45 days. What do you owe the friend?

- Loan Amount: 1,000.00

- Interest/Year: 200%

- #Days: 45

Select "=" on Repay Amount row. You owe the friend $1,246.58.

Loan Amount

Interest/Year

Loan Date

Repay Date

#Days

Repay Amount

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