Interest is defined as a additional payment from borrower or deposit-taking financial institution to the lender or depositor for the principal sum (i.e. the amount borrowed or deposited) at a mutually agreed rate. According to wikipedia, Compound Interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest.
Compound Interest = [P(1+i)n] - P
(Where P = Principal, i = nominal annual interest rate in percentage terms, and n = number of compounding periods.)
Please fill the form below with to calculate Simple interest and Amount.
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