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Monday, August 15, 2011
How to Use a Financial Calculator to Get Compound Interest
1. Use the compound interest financial calculator on Moneychimp (moneyChimp.com). Fill out the boxes on screen with information about your current loan including the principle, the interest rate, the annual addition and the years to grow. Input the number of times your interest is compounded. Click 'Calculate' to view the total amount of your loan or investment with compound interest added in.
2. Use the financial calculator on 1728.com. Fill out the boxes at the bottom of the financial calculator page with information about your current loan, savings account or investment (whichever applicable). Select the appropriate terms from the boxes on screen and click 'Calculate' to view the future value of your loan, account or investment with compound interest added in.
3. Use a regular financial calculator with the appropriate formula. The formula for compound interest is 'Principal x ( 1 Rate )years.' Replace each term with the dollar amount related to your loan, account or investment information. The total amount of money that you solve for is the value of your account, loan or investment with compound interest added into the principle.