Calculate Simple Interest()

Step 1: Defining the Method Signature

First, we need to define the method (function) signature. This includes the name of the method, which in our case is calculateSimpleInterest. This method will take three parameters: principle, rate, and time. The method will return the simple interest which is of type double. Here's the method signature:

public static double calculateSimpleInterest(double principle, double rate, double time) {

}

Step 2: Calculating Simple Interest

Next, we calculate the simple interest. The formula to calculate simple interest is (Principle * Rate * Time) / 100. We will implement this formula in our method. This calculation should be stored in a variable, which we will return at the end of the function.

public static double calculateSimpleInterest(double principle, double rate, double time) {
  double simpleInterest = (principle * rate * time) / 100;
  return simpleInterest;
}

Step 3: Testing the Method

Now, we need to test the calculateSimpleInterest method to ensure our implementation is correct. We can do this by calling the method with some test inputs. Let's say the principle is 5000, rate is 5 and time is 3. Call this method in the main method of Java.

public static void main(String args[]) {
   double simpleInterest = calculateSimpleInterest(5000, 5, 3);
   System.out.println(simpleInterest);
}

Step 4: Running the Program

Now we can run the program. If the code is correct, it will print the simple interest calculated from the provided values. In our case, running the program will print 750.0.

Conclusion

Here's the complete code:

public class Main {

   public static double calculateSimpleInterest(double principle, double rate, double time) {
      double simpleInterest = (principle * rate * time) / 100;
      return simpleInterest;
   }

   public static void main(String args[]) {
      double simpleInterest = calculateSimpleInterest(5000, 5, 3);
      System.out.println(simpleInterest);
   }
}

In this post, we've created a method to calculate simple interest, and then tested it with some variables. The implementation is quite straightforward once you understand the formula. In Java, it's just a matter of correctly translating the formula into code.