What is compound interest?
Compound interest means the interest on interest. In easy words, added compound interest to the principal amount of the deposits or loan is called compound interest. If any individual is having an investment amount then he/she earns money as per his/her interest. Compound interest is an interest that is earned from the actual principal plus accumulated interest. you do not only earn interest on your initial deposits, but you also earn interest on the interest and that is the power of compounding.
What is a compound interest calculator?
A compound interest calculator is an online utility tool that helps you to calculate the estimated compound interest on your invested amount. Individuals don't need to calculate it manually anymore. A compound interest calculator shows your increased investments with time. The compound calculator needs to be fed three major information to your interested income: The principal amount, interest rate, and period of investments. This calculator can be used to determine the returns on investments that provide compounding interest such as mutual funds. Myitronline compound interest calculator is a reliable tool that will help you to identify how many investments you may need over time.
How to calculate compound interest?
Compound interest can be calculated with the compounding formula mentioned below- The whole principal amount and interest or future value and less principal amount at present or present value = Compound interest compounding compound interest formula is A = P (1 + r/n) ^ nt] Where, P denotes the principal amount. R denotes the rate of interest. N denotes the number of compound interests in a specific time. A denotes the compound interest. T denotes the number of years. For instance - If any individual invests Rs.50,000 with an interest rate of 10% for the 5 years, then the return for the first year will be the following- 50,000 x 10/100 = Rs.5000 And for the second year, the calculated interest will be on Rs. 50,000 + Rs.5000 = RS.5550. And for the third year, This amount will be Rs.6055. This is definitely difficult to calculate the interest amount by manual method. Therefore, You will need a compound interest calculator.
How to use Myitronline’s compound interest calculator?
Myitronlne’s compound interest calculator is very easy and simple to use. You just need three parts to put in the calculator and our calculator will show you the earned compound interest on investments. Firstly, You need to fill out the compound interest value. Secondly, You need to fill out the principal amount. Thirdly, You have to select the compounding frequency. Fourthly, You must choose the rate of interest and the time such as days, weeks, months, or years. At the last, the Myitronline compound interest calculator will show you the earned compound interest on investments in seconds.
The benefits of Myitronline’s compound interest calculator
- The myitronline compound interest calculator is a simple, quick, and easy-to-use online tool.
- The compound interest calculator shows you the accurate earned compound interest on investments in seconds.
- You can access myitronline’s compound calculator from anywhere without moving out of your comfort zone.
- This calculator eliminates the time of manual calculations and saves your precious time.
- A compound interest calculator helps you to determine the total yearly returns as well as total interest.