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Simple interest is usually applied to short-term loans, and some mortgages use this calculation method. In the U.S., most mortgages with amortization schedules are simple interest loans. Compound interest is often used to enhance long-term investment returns, such as 401(k)s and other investments.

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Alternatively, you can use the simple interest formula I=Prn if you have the interest rate per month. If you had a monthly rate of 5% and you'd like to calculate the interest for one year, your total interest would be $10,000 × 0.05 × 12 = $6,000. The total loan repayment required would be $10,000 + $6,000 = $16,000.

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