What is an Interest Calculator?

An Interest Calculator is a tool that allows you to calculate the amount of interest on your investment or loan over a given period. You can calculate Simple Interest or Compound Interest based on your initial principal, interest rate, and the time period involved.

Why Use an Interest Calculator?

• Easy Calculation: Quickly calculate how much interest you will pay or earn.
• Accurate Results: Avoid manual errors and get precise results based on your inputs.
• Save Time: Get results instantly without the need for complex manual calculations.
• Compare Options: Easily compare the impact of different interest rates or time periods on your investment or loan.

Types of Interest Calculations

• Simple Interest: Simple Interest is calculated only on the principal amount for the entire duration of the investment or loan. It's the most straightforward method of interest calculation.
• Compound Interest:Compound Interest is calculated on the principal amount as well as the interest that has been accumulated so far. This method is typically used for investments where interest is compounded periodically.