Interest Calculator
Calculate simple and compound interest on savings or loans. See how your money grows over time.
The interest calculator computes both simple and compound interest on any principal amount. Enter the principal, interest rate, and time period to see total interest earned or owed, final balance, and a year-by-year breakdown. Useful for savings accounts, loans, mortgages, and investment projections. Supports monthly, quarterly, and annual compounding frequencies.
How to Use: Interest Calculator
1. Enter the principal amount, annual interest rate, and time period in years.
2. Select simple or compound interest, and choose the compounding frequency.
3. See total interest, final balance, and a detailed year-by-year breakdown.
Frequently Asked Questions
What is compound interest?
Compound interest is calculated on both the principal and the accumulated interest. This causes your balance to grow faster over time compared to simple interest.
What is the difference between simple and compound interest?
Simple interest is calculated only on the principal. Compound interest is calculated on the principal plus any interest already earned.
How often is interest compounded?
You can choose monthly, quarterly, semi-annual, or annual compounding. More frequent compounding results in slightly more interest earned.
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