This is a tool that calculates the total simple interest and resulting final amount when simple interest is calculated on, and added to, an initial amount, at an annual rate, for a given amount of time.

For this calculation, it is necessary to supply the following information:

• The initial amount.
• The term during which interest is added, in years, months, weeks or days.
• The annual interest rate. This is usually expressed in percentage terms (unless the formatting is explicitly set to express it as a decimal).

Associated tool link: http://www.coggit.com/tools/simple_interest_calculator.html