Most of us are associated with compound interest in some way, and this is the reason why we keep needing compound interest calculator. There are many reasons for this, either we need a loan to run our life properly and for some reason we take a loan on compound interest, and to calculate it without any mistake, we need a compound interest calculator. Compound interest calculator is also required when we lend credit to someone needy on a certain compound interest rate. This is not the only reason why we need compound interest calculator, maybe we need it for completing our maths homework or in any competitive exam.
Though direct use of this calculator will not be right in school and competitive exams as you have to be able to calculate compound interest directly through formula yes but you can use our compound interest calculator to check your solved answer.
So, let’s know together that how you can calculate compound interest amount using our compound interest calculator.
How to Use Compound Interest Calculator
- The first column that you get in our calculator is “Enter Principal Amount”. In this column, you have to write the amount that you have borrowed or given from someone or the amount on which you have to calculate the compound interest.
- You get the second column, “Enter the Interest Rate”, according to the name, in this column you have to write the rate of compound interest on which the principal amount has been taken, in any type of loan, this rate should be decided in beginning and the entire compound interest is calculated based on this rate. So, fill that rate in this column.
- 3. The third step that you have to complete in our compound interest calculator is to fill in the column for how many years you have to pay this interest. Here you have to calculate according to the years, if there is 1 year then you will write 1 and if there is one year and five months then you have to write 1.5.
- The next column that you get in this compound interest calculator is “Number Of Times Interest Paid Per Year?” From its name you can understand that in this column you have to fill that how many times you have to pay interest amount in a year, it can be 2 times in a year, or it can be 4 times, or whatever You may have to enter it in this column. After this, at last you have to click on Calculate button. Here you get several options such as compound interest calculator annually, compound interest calculator half yearly, compound interest calculator quarterly, compound interest calculator weekly.
- As soon as you click on the calculate button, you will get your complete answer below, in which you get all the information about what the principal amount is, for how many years, how often to pay and how much the total amount is.
So, in this way you can calculate compound interest by this calculator. Hope we covered all for you but still if there is anything you want to know related to the calculator or, want to share your suggestions so please use the comments box, we are waiting.