 # Java Program to Calculate simple interest and compound interest

To understand this example, you should have the knowledge of the following Java programming topics:

## Example 1: Calculate Simple Interest in Java

``````import java.util.Scanner;

class Main {
public static void main(String[] args) {

// create an object of Scanner class
Scanner input = new Scanner(System.in);

// take input from users
System.out.print("Enter the principal: ");
double principal = input.nextDouble();

System.out.print("Enter the rate: ");
double rate = input.nextDouble();

System.out.print("Enter the time: ");
double time = input.nextDouble();

double interest = (principal * time * rate) / 100;

System.out.println("Principal: " + principal);
System.out.println("Interest Rate: " + rate);
System.out.println("Time Duration: " + time);
System.out.println("Simple Interest: " + interest);

input.close();
}
}``````

Output

```Enter the principal: 1000
Enter the rate: 8
Enter the time: 2
Principal: 1000.0
Interest Rate: 8.0
Time Duration: 2.0
Simple Interest: 160.0```

In the above example, we have used the `Scanner` class to take principal, rate, and time as input from the user. We then use the formula of simple interest to compute the simple interest.

``Simple Interest = (Principal * Rate * Time) / 100``

## Example 2: Calculate Compound Interest

``````import java.util.Scanner;

class Main {
public static void main(String[] args) {

// create an object of Scanner class
Scanner input = new Scanner(System.in);

// take input from users
System.out.print("Enter the principal: ");
double principal = input.nextDouble();

System.out.print("Enter the rate: ");
double rate = input.nextDouble();

System.out.print("Enter the time: ");
double time = input.nextDouble();

System.out.print("Enter number of times interest is compounded: ");
int number = input.nextInt();

double interest = principal * (Math.pow((1 + rate/100), (time * number))) - principal;

System.out.println("Principal: " + principal);
System.out.println("Interest Rate: " + rate);
System.out.println("Time Duration: " + time);
System.out.println("Number of Time interest Compounded: " + number);
System.out.println("Compound Interest: " + interest);

input.close();
}
}``````

Output

```Enter the principal: 1000
Enter the rate: 10
Enter the time: 3
Enter number of times interest is compounded: 1
Principal: 1000.0
Interest Rate: 10.0
Time Duration: 3.0
Number of Time interest Compounded: 1
Compound Interest: 331.00000000000045```

In the above example, we have used the formula of compound interest to calculate the compound interest.

Here, we have used the Math.pow() method to calculate the power of the number.