Compound Savings Interest Calculator
This calculator requires the use of Javascript enabled and capable browsers. It is designed to calculate the compound interest on a savings account or CD over a finite time period. This is NOT simple interest. The Compound Interest Calculation Formula is based on the philosphy that interest is paid on original amount of deposit, plus any interest earned. Here is the formula:
(Original Amount + Earned Interest) x Interest Rate x Time On Deposit = Total Interest Earned
Enter the amount of the savings deposit and the compound interest rate. Then determine the length of the deposit time period. The calculation is done in years but you may enter either years or days. The year is a finacial year of 365 days, as opposed to a calendar year and may or may not be the "exact number of days" if multiple years are spanned. The compounding is annual. Click on Calculate and determine the Interest, potential and actual.
Version 1.2.3
|
