Want to what money you’ll have if you save a regular amount for your account?
The same purpose will be solved by the interest calculator. The interest calculator is considered as a useful device in order to calculate the amount of interest you will enjoy on your saving account. At the same if you are taking any advance form the bank you can take the help of the interest calculator to know how much interest you will pay for your loan.Sponsored Links
Over the internet you will found several interest calculators which you can download to serve your purpose. All you need to do is to feed the required data according to the calculator and it will enable you to know the amount if the interest.
Types: Like the types of interest the interest calculators are also available according to the type of the interest. Simple interest calculator, compound interest calculator and FD interest calculators are the most popular among all. In fact all the form of calculators are easily available over the internet.Sponsored Links
Simple interest calculator:
The formula to calculate the simple interest is I = Prt; R = r * 100
I = The rate of interest
P = The total amount of principal
t = The total time frame for which the interest is to be calculated
r = The rate of simple interest
This is the manual formula to calculate the simple interest; however the simple interest calculator tool will certainly help you in calculating the simple interest. The manual calculation of the simple interest is always time consuming and error prone. Hence it is always advised to use the simple interest calculator to get an accurate result. All you need to is to download the calculator from the internet and put the respective value s into the column. Have your interest with you in no time.Sponsored Links
Compound interest calculator:
Like simple interest the formula to calculate the compound interest is
A = P(1 + r/n)nt
- A = total accrued amount considering both principal and interest.
- P = Total principal Amount at the beginning
- I = The rate of interest for the account
- R = Annual nominal interest rate in percent or the total amount of interest increases every year
- r = Annual Nominal Interest Rate as a decimal
- t = Time Involved in years,
The normal pattern of calculation of the “t” is 0.5 years is calculated as 6 months and accordingly
- n = number of compounding periods per unit which is considered as the total duration
An online compound interest calculator will calculate the total compound interest as well as the sum assured in no time. Hence people prefer to use the calculator for a fool proof value of the interest.Sponsored Links
Compound interest calculator: Like the other calculator the FD calculator will give you about the total sum assured for your RD or FRD you have with your bank. By providing the necessary parameters like total principal, Rate of interest and the total time duration the, maturity value of the RD or the FD can be ascertained.