Icon LockIcon Lockicon-branch-logo-marinericon-branch-logo-pccicon-branch-logo-pfcIcon BullseyeIcon Credit CardIcon HouseIcon LockIcon LockIcon Lockicon-logo-whiteMagnifying GlassMagnifying GlassMagnifying Glassicon-pfc-logo-whiteicon-pioneer-logo-whiteIcon Wheel

calculatorInterest rate calculator for simple interest loan

Confused about your interest charge? If you have an interest-bearing loan, or what is sometimes referred to as a simple interest loan, Web math created an interest rate calculator that breaks down the formula to help simplify the calculation.

How does a loan calculator factor your interest?

Great question, the formula loan calculators use is I = P * r *T in layman’s terms Interest equals the principal amount multiplied by your interest rate times the amount in years.

For example


  • P is the principal amount, $3000.00.
  • r is the interest rate, 4.99% per year, or in decimal form, 4.99/100=0.0499.
  • t is the time involved, 3….year(s) time periods.
  • So, t is 3….year time periods.

To find the simple interest, we multiply 3000 × 0.0499 × 3 to get that:

The interest is: $449.10

Usually, now, the interest is added to the principal to figure some new amount after 3 year(s),
or 3000.00 + 449.10 = 3449.10. For example:

  • If you borrowed the $3000.00, you would now owe $3449.10
  • If you loaned someone $3000.00, you would now be due $3449.10
  • If owned something, like a $3000.00 bond, it would be worth $3449.10 now.

Click here to use this helpful loan calculator and use it as a reference when calculating simple interest.

How do you calculate a loan payment?

It’s understandable you may want to determine if a loan is affordable and a loan calculator or a bit of math can help you find out what your monthly payments may be. Calculators are great for quick answers so let’s look into how to calculate your monthly loan payment with a monthly payment calculator.

However to do that first you must identify which type of loan you have.

There are two types, interest-only loans where you only service the loan by paying interest and amortizing loans which you pay down the loan balance over a set period of time.

For simply interest loans you can use this loan calculator.

For amortizing loans you can use this personal loan calculator.

If you’re interested in a personal loan today you can apply here at Mariner Finance.


Still confused? Contact your local Mariner Finance branch today to speak with a knowledgeable staff member about your account.

This material was prepared for general distribution. Although all blog posts are intended to be accurate, the information and third-party links provided in the Mariner Finance’s blog are intended for general knowledge and educational purposes only without any warranties, implied or express, of any kind. The posts do not constitute investment, financial or other advice. Authors may or may not be licensed financial professionals; for specific advice, seek the input of a licensed and trained financial expert. Mariner Finance’s blog entries may also be viewed at www.pioneercredit.net and www.personalfinancecompany.com.

get personal finance tips,
and seasonal offers.

Sign up for the Mariner Finance newsletter.


†We offer personal loans starting at $1,000 with a maximum up to $25,000, depending on your state of residence. Loans between $1,500 and $15,000 may be funded online. Loans less than $1,500 or greater than $15,000 are funded through our branch network.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, under our customer identification program, we must ask for your name, street address, mailing address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.


Mariner Finance, LLC, NMLS No. 166564 (www.nmlsconsumeraccess.com)
8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.

Equal Housing Lender Logo

You are about to leave marinerfinance.com.

Mariner Finance provides this link for your convenience and is not responsible for and makes no claims or representations regarding the content, terms of use, or privacy policies of third party websites.