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How to calculate Simple Interest in Java ?.

Updated on September 17, 2014

Introduction -

In this Java tutorial, you will learn how to code a Java program which can calculate Simple Interest. In this Java tutorial, you will encounter a simple video tutorial, Java source code and it's working. In the source code, you will see that everything is been coded into main method with a signature - public static void main( String [ ] args ) { }. This static main method is executed by JVM, i.e. Java Virtual Machine, whenever you run the program. In this main method, Simple Interest is calculated and output is printed on the console. Simple Interest in mathematics is been calculated based on the values of principal , rate and time. The formula for calculating Simple Interest is as follows -

Simple Interest = principal * rate * time / 100.

In this tutorial, values for principal, rate and time is prompted from the user. Based on the user input simple interest is calculated and the output is printed on the console.

Let's look into details of Simple Interest calculation in Java through video tutorial and source code.

Video tutorial - How to calculate Simple Interest in Java ?.

Below is the video capsule which demonstrate how to calculate Simple Interest in Java. In this video tutorial you will learn how to code step-by-step Java program which calculate Simple Interest.

Eclipse snapshot of program -

In below capsule, you will encounter snapshot of Eclipse editor. It shows complete Java program which demonstrate calculation of Simple Interest. The snapshot has various steps. These steps are been described below for more understanding -

How it works -

  1. Place an import statement for java.util.Scanner to use Scanner class methods such as, nextDouble.
  2. Create a Scanner object through a new operator, The constructor of Scanner class takes in a instance of "System.in". "System.in" represents Java console reader. It helps scanner class to read inputs from the Java console.
  3. In order to calculate Simple Interest, three values are required such as - principal , rate and time. These values needs to be stored in variables. So, create 3 variables which are of type double such as, rate, principal and time. In order to store value of Simple Interest create a double variable by name simpleInterest.
  4. User is been prompted on Java console to enter values for principal , rate and time. Scanner class has a method by name nextDouble. As soon as, user enters a value on console and hits enter key, this method reads double value and assign it to a variable.
  5. Formula to calculate simple interest - principal * rate * time / 100.
  6. Print calculated simple interest on the Java console.

Java Source Code - How to calculate Simple Interest in Java ?.

// Step 1 - Place a import statement for java.util.Scanner 
// to use Scanner class methods such as, nextDouble.
import java.util.Scanner;

public class SimpleInterestDemo {

	public static void main(String[] args) {

		// Step 2 - Create a Scanner object through a new
		// operator, The constructor of Scanner class takes in  
		// a instance of System.in. System.in represents Java console
		// reader. It helps scanner class to read inputs from the 
		// Java console.
		Scanner input = new Scanner(System.in);		

		// Step 3 - In order to calculate Simple Interest, three values are
		// required such as - principal , rate and time. These values needs
		// to be stored in variables. So, create 3 variables which are of 
		// type double such as, rate, principal and time. In order to store
		// value of Simple Interest create a double variable by name 
		// simpleInterest.
		double simpleInterest = 0;
		double rate = 0;
		double time = 0;
		double principal = 0;

		// Step 4 - User is been prompted on Java console to enter 
		// values for principal , rate and time. Scanner class has a 
		// method by name nextDouble. As soon as, user enters a value
		// on console and hits enter key, this method reads double value
		// and assign it to a variable.

		// Enter rate of simple interest.
		System.out.print("Enter the rate of Simple Interest: ");
		rate = input.nextDouble();

		// Enter principal amount of simple interest.
		System.out.print("Enter the principal amount of Simple Interest: ");
		principal = input.nextDouble();

		// Enter time of simple interest.
		System.out.print("Enter the time of Simple Interest: ");
		time = input.nextDouble();

		// Step 5 - Formula to calculate simple interest - 
		// principal * rate * time / 100. 
		simpleInterest = principal * rate * time / 100 ;

		// Step 6 - Print calculated simple interest on the Java console.
		System.out.println("");
		System.out.println("The Simple Interest is : " + simpleInterest);

	}
}

Output of the program -

Image below is the snapshot of Eclipse console. It shows output of the above program.

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