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interest is charged on the original principal, never on interest that has already accrued. The formula is Interest = Principal × Rate × Time, with the rate as a decimal and the time in years. Because the base never grows, the interest is the same every year and the balance climbs in a straight line rather than a curve. Double the time to 6 years and the interest simply doubles to 1,500 — there is no compounding to accelerate it. Use this calculator to check the cost of such a loan, and compare it with the compound interest calculator to see how much difference compounding makes over longer periods.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term and some car, personal or bridging loans.Simple interest is common on short-term and some car, personal or bridging loans, and on certain bonds and savings products.Simple interest is common on short-term