Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account. Simple interest does not compound, meaning that an account holder will only gain interest on the principal, and a borrower will never have to pay interest on interest already accrued.

You can calculate simple interest in a savings account by multiplying the account balance by the interest rate by the time period the money is in the account.

Here's the simple interest formula: Interest = P x R x N.

P = Principal amount (the beginning balance).

R = Interest rate (usually per year, expressed as a decimal).

N = Number of time periods (generally one-year time periods).

This was made by me with the help of edx- IBM course where they helped me to understand the basics of HTML, CSS and JS and in-depth tutorial for GIT.