What is an Interest Calculator?

An interest calculator is a tool that helps you calculate the interest earned or paid on a principal amount over a specific period. It can be used for both simple and compound interest calculations.

How does this calculator work?

Simple Interest: Calculates interest only on the principal amount.

Compound Interest: Calculates interest only on the principal amount.

You can choose how frequently the interest is compounded (annually, semi-annually, quarterly, monthly, or daily).

To use the calculator:

1. Select the calculation type (Simple or Compound).
2. Enter the principal amount, annual interest rate, and time in years.
3. If calculating compound interest, select the compounding frequency.
4. Click "Calculate" to see the results.