Calculating simple interest and compound interest is made really easy with the help of this interest calculator.
This interest calculator makes the calculation of simple interest and compound interest easy. With the help of this interest calculator, you can easily calculate interest rates by inputting values inside the text area.
The first calculator on this app is an interest calculator and the second one is a compound interest calculator. First, we will discuss a simple interest calculator. To calculate the simple interest, you require three primary values. The first is the principal amount, yearly interest, and loan amount. Principle amount simply means the amount of loan you have opted for. Yearly interest is the interest percentage on the principal amount. Loan term means the total duration of the loan. You can select the total loan term either in years, days, quarters, weeks, or months.
Once you fill up all the requirements, you will be returned the interest amount and total amount. The interest amount is the total interest that you will have to pay and the total amount is the sum of the interest amount and principal amount.
In simple words, compound interest is known as the interest of interest. In other words, it is interest on principle plus interest and it is more complicated than the simple interest.
To understand interest & compound interest easily, you can consider learning the following table in order to get knowledge about interest rates in the least amount of time.
|Amout||10%, 10 Years Simple Interest||10%, 10 Years Compound Interest|