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Compound Interest Calculator & Simple Interest

Use Mathcrave AI Tutor below, get clear guides on how to solve problem-related on simple and compound interest

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About Compound Interest Calculator

The compound interest calculator shows the amount of interest earned on a fixed amount for a specific period of time. It helps you calculate the earnings of an investment for a given period of time and is calculated by multiplying the number of years by the interest rate and dividing it by the principal.

How The Compound Interest Works

  • Enter the value for principal, time and period into the 3 boxes respectively
  • Select if you want to compute annually, half-annually, quarterly or monthly
  • Hit the equal orange button to generate the worksheet.

Inside the Calculator’s Brain

  • Simple interest is computed using SI = PRT/100%, where p is the principal (the original amount of loan borrowed from a bank), R is the rate (amount charged on a money borrowed), and I is the interest (is the cost you pay for borrowing the principal)
  • The amount in simple interest is calculated from the addition of the principal to the simple interest = principal + simple interest
  • The compound interest is computed using the following parameters

A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed

  • Amount on compound interest is calculated by adding the principal to the compound interest.

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