Calculate simple and compound interest for savings, loans, and investments. Understand how interest grows over time.
I = P × r × t
Interest = Principal × Rate × Time
Best for short-term calculations
A = P(1 + r/n)^(nt)
Includes compounding frequency for accurate long-term growth calculations
Simple interest: Linear growth
Compound interest: Exponential growth
Choose based on your financial goals
Use compound interest for long-term savings and investments to maximize your returns through compounding
Understand how interest accumulates on loans to make informed borrowing decisions and save money
Leverage the power of compound interest for retirement planning and long-term wealth accumulation