What is simple interest?
We do calculate simple interest with
principal, rate, and time or term with this formula p*t*r/100. It is not
compounded as simple interest only calculated with the principal amount.
In the formula p*r*t/100
- p is Principal
- t is time for term
- r is rate
Simple interest in java | what is simple interest
import java.util.*;
public class SimpleInterest1
{
public static void main()
{
double p, r, t, si;
Scanner sc=new Scanner(System.in);
System.out.println("Enter Principal, Time and Rate--->");
p=sc.nextDouble();
t=sc.nextDouble();
r=sc.nextDouble();
si=(p*t*r)/100.0;
System.out.println("Simple Interest=" + si);
}
}
In the above program, we have taken Scanner
class for inputting principal, rate, and time or term from the user. After taking
values of p, t, r then we will calculate simple interest in the si variable.
Second program using methods.
import java.util.*;
public class SimpleInterest
{
double p, t, r, si; //Instance Variable
public double simpleInterest(double p1, double t1, double r1) //Formal
parameter
{
p=p1;
t=t1;
r=r1;
si=(p1*t1*r1)/100.0;
return si;
}
public static void main(String args[])
{
SimpleInterest ob=new SimpleInterest();
double pr, time, rate, s; // Local variable
Scanner sc= new Scanner(System.in);
System.out.println("Enter Principal,
Time and rate :");
pr= sc.nextDouble();
time= sc.nextDouble();
rate= sc.nextDouble();
s= ob.simpleInterest(pr, time, rate); // Function call, with
parameter(Actual parameter)
System.out.println("Simple Interest=" + s);
}
}
In the above program, we have calculated simple
interest using the return method. All the values have taken from the main() method and
send the values with the method as an actual parameter and that value have received by
simpleInterest (double p1, double t1, double r1) method. After calculating the
value, the method sends or returns it to the main() method and then prints it on the
screen.
Question for
ICSE exam
ABC bank declares
a new tariff or rate for term deposit schemes for their general customers and senior
citizens as given below:
|
Term |
Rate of
Interest for General |
Rate of
Interest for Senior Citizen |
|
Up to 2 year |
7.5% |
8.0% |
|
Up to 4 years |
8.5% |
9.0% |
|
Up to 6 years |
9.5% |
10.0% |
|
More than 6 years |
10.0% |
11.0% |
The 'senior
citizen's rates are applicable to the customers whose age is 65 years or more.
Write a program to input the principal in term deposit scheme, age of the
customer and the term or time. The program displays the information in the
following format:
|
Principal Deposited |
Term/Duration |
Age |
Interest
earned |
Amount Paid |
|
xxxx |
xxxx |
xxxx |
xxxx |
xxxx |
Solution
import java.util.*;
public class BankDepositSchemes
{
//
instance variables
double term, principal, interest, amount, rate;
int
age;
//
input method for taking values
void input()
{
Scanner sc=new Scanner(System.in);
System.out.println("Enter Principal :");
principal=sc.nextDouble();
System.out.println("Enter Term :");
term=sc.nextDouble();
System.out.println("Enter Age :");
age=sc.nextInt();
}
//
Calculate the si
void calculate()
{
if(term<=2)
{
if(age>=65)
{
rate=8.0;
}
else
{
rate=7.5;
}
}
else if(term>2 && term<=4)
{
if(age>=65)
{
rate=9.0;
}
else
{
rate=8.5;
}
}
else if(term>4 && term<=6)
{
if(age>=65)
{
rate=10.0;
}
else
{
rate=9.5;
}
}
else
{
if(age>=65)
{
rate=11.0;
}
else
{
rate=10.0;
}
}
interest=(principal*term*rate)/100.0;
amount=principal + interest;
}
//
print the values
void display()
{
System.out.println("Amount Deposited\tTerm\tAge\tInterest
Earned\t\tAmount Paid");
System.out.println(principal + "\t\t\t" + term +
"\t" + age + "\t" + interest + "\t" + amount);
}
// main() method
public static void main(String args[])
{
BankDepositSchemes ob=new BankDepositSchemes();
ob.input();
ob.calculate();
ob.display();
}
}
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