An Interest Rate Calculator is a tool that helps individuals and businesses determine the interest accrued on loans or investments over time. By inputting variables such as the principal amount, interest rate, and time period, users can easily see how much interest they will pay or earn. This can be particularly useful for budgeting and financial planning. These calculators are commonly found on financial websites and banking platforms. They can assist with various types of interest calculations, including simple and compound interest. Understanding how interest works can empower users to make informed financial decisions regarding loans, savings, and investments.