Write a Java Program to Calculate simple interest and compound interest

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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();
  }
}