R Program to Calculate Simple Interest

Basically, Simple Interest is a quick method to calculate the interest charge of a loan. It is determined by multiplying the principal amount by the daily interest rate by the number of days which elapse between the payments. It gets estimated day to day-with the help of mathematical terms.

we will create a program to calculate simple interest in R Programming Language.

Formula:

Simple Interest = (P x R x T)/100

The Algorithm is:

1. First, we need to define the Principle, Rate, and Interest
2. Then, need to Apply the formula
3. Finally, we can print the Simple Interest.

Here we create an R program to calculate Simple Interest:

# Function to calculate the Simple Interest
calculate_simple_interest <- function(principal, rate, time) {
  # Simple Interest formula: SI = P * R * T / 100
  simple_interest <- (principal * rate * time) / 100
  return(simple_interest)
}

# Input values
principal <- 10000  
rate <- 12         
time <- 5          

# Calculate the simple interest using the function
result <- calculate_simple_interest(principal, rate, time)

# Display the result
cat("Simple Interest:", result)

Output:

Simple Interest: 6000

In the mentioned program, define a function like 'calculate_simple_interest' which takes three arguments called 'principal', 'rate', and 'time'. Then the function used the Formula for Calculating the Simple Interest.

Example 2: Here's another approach to calculating simple interest in R using a more concise method

# Input values
principal <- 1000
rate <- 5
time <- 2

# Calculate simple interest
simple_interest <- (principal * rate * time) / 100

# Print the result
cat("Principal amount: $", principal, "\n")
cat("Rate of interest: ", rate, "%\n")
cat("Time: ", time, " years\n")
cat("Simple Interest: $", simple_interest, "\n")

Output:

Principal amount: $ 1000 
Rate of interest:  5 %
Time:  2  years
Simple Interest: $ 100