Instructions for using this calculator
Compounded - Click the button for how your interest is compounded.
Interest Rate - Enter the number, example: The Annual Percentage Yield (APY) of 3.25 for a 3 1/4% rate of savings.
Length of Term (years) - Enter the number of years you would like to estimate savings.
Payment - Enter the amount you will deposit for each timeframe in which your interest is compounded. For example, if interest is compounded monthly, enter the amount you will deposit each month.
Present Value - State your current savings balance.
Payment paid - Enter 0 if the payment is made at the beginning of the period, or 1 if it is made at the end of the period.
Future Value - Leave this field blank. When you press compute, the result will be shown here. Future Value will automatically compute Annual Percentage Yield (APY).
To compute CD's this example is described below for you.
To calculate a 6 month CD, enter .5 in the length of term, click "Annually" in the compounded area, place the amount of the deposit for the CD in present value area, fill in the interest rate you will earn, and click compute. Your future value will be displayed! (If you want to calculate a 3 or 9 month CD use .25 or .75, repectively, for the length of term.) |
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