simple interest calculator

Whether you are a creditor who wishes to calculate what they are owed, a debtor what they owe or an insolvency practitioner what to allow on a proof, we hope that our simple interest calculator will prove a helpful tool to you.  Please click on the link to view the instructions to use the simple interest calculator and the explanatory note.

input
principal sum: £
interest rate(per annum):	%
interest from date (DD/MM/YYYY)
interest to date (DD/MM/YYYY)
results
no of days interest:
interest accrued: £
daily interest continues to accrue at: £	per day
principal + interest: £

Should you have any questions concerning the operation of the simple interest calculator, or should you require advice on pursuing a claim or a debt, why not contact Mike Pavitt in our Insolvency and Business Recovery team on 023 8085 7028 or email mike.pavitt@bllaw.co.uk.

how to use the simple interest calculator

To use the simple interest calculator you will need to input your 'interest rate (per annum)' manually.  So, for example, if you are applying the current judgment rate of interest to a judgment debt, you will have to check in advance what this rate is according to the legislation in force at the date of judgment or the statutory implied rate under the Late Payment of Commercial Debts (interest) Act.

For more complex debts with variable rates over time or compound interest, you can still use the simple interest calculator, but you will need to input and print out separate calculations following any date when the rate changes or interest compounds, adjusting the next period's interest rate (per annum)' or principal sum accordingly.

explanatory note

Our simple interest calculator is designed to assist only with very basic calculations of interest on any sum (the 'principal sum'), provided that it is a sum upon which interest accrues daily, and that you know the applicable annual rate of interest in advance.  Often the principal sum will be something as simple as the gross amount of an invoice, an acknowledged or agreed debt, or just a notional figure for damages where there has been, or may have been, a breach of contract.

The most useful feature of the calculator is that it will instantly calculate for you the number of days between any two dates, which you simply select from the attached mini-calendar.  You might, for example, input a date 30 days from the date of your invoice, and then the date of your letter or other form of demand; in the calculator, these are known as the 'interest from date' and 'interest to date' . It will also tell you the daily rate for continuing interest.