Some aspects of these calculators are still being worked
on, but they are all functional.
Please let me know if you have any ideas on how to make them
easier to use or
would like to see more functions. Romero@pharmary.arizona.edu
Simple Compounding Interest Calculator- What will the future value of an account will be?
Simple Compounding Interest with Monthly Deposits- What will the future value of an account be if in addition to the compound interest, I deposit a set amount of money to it each month?
Advanced Compounding Interest
Calculator- This calculator allows you to solve for any of the variables
in the compounding interest formula. The following types of questions
will be easily answered by this calculator: I would like to earn
$1000 in interest with a CD that last 3 years and has an APY of 6.44%, how
much would I need to invest to accomplish this goal? How long will
it take to have my $2500 CD with an APY of 6.04% become $3700? What
APY will I need if I want to earn $600 interest in 1 year from my $5000 initial
deposit?
Special Notes: This calculators should give you
a pretty good estimate of the value of your account at the end of the specified
period, however, you should think of this as an estimate. Some of the
reasons that these should be used as an estimating tool only are:
-Calculators assume each month has an equal number of
days.
-Leap years aren't taken into account.
-The simple compounding interest with monthly deposits
calculator assumes you deposit money at the beginning of each month,
including the first month.