What is Compound Interest, its Calculator and App form? Compound interest is interest calculated on the original principal and also on the accumulated interest of previous periods of a deposit or loan. Compound interest can be thought of as “interest on interest,” and will make a deposit(earned by you, example CDs) or loan(paid by you, example Mortgage) grow at a faster rate than simple interest, which is interest calculated only on the principal amount. Never underestimate the power of Interest! .The app educates you as it calculates. Compound Interest Calculator exists so you don't have to worry about applying the various parameters involved in different use cases - you could technically take out a manual calculator and apply each parameter. Secondly, the Calculator when it takes the App form can also communicate with you with easy to understand explanations - hence the word 'Illuminating'.
There are 3 SIMPLE calculation screens - Future Amount Calculator, Target Annual Rate APY Calculator and Loan Cost Calculator.
Profit:
- Future Amount Calculator with Ability to Add or Remove Contributions to see Effects Contributions, APY, APR, Simple Interest to show the difference, Custom Compounding, Maturity Date Handling and Maturity Date Event Reminder to save. Calculation display has calculation result along with significant, critical insights useful for Investment and Loan Decisions. Reset all values. Double tap anywhere in the background to reset all values to zero.
- Target Annual Rate APY Calculator with all of the above, the same uniform interface on a separate screen just a different calculation to research the APY %
- Loan Cost Calculator with loan calculations so you can instantly see what if you wanted a mortgage or car loan or if you have cash if its worth to take a loan.
Universal App for both iPhone and iPad.
Designed and developed by Rohit Sachdeva @rsachdeva - the product of @drinnovationsus.
Software Developers Notes for those Interested:
This app was originally developed in Objective-C and then gradually re-written in Swift.
The current version is hence in Swift.
In App Store Since 2010!
