How to charge interest in 2018

If you want to calculate what amount will be on the bank deposit at the end of the term, carefully re-read the contract with the bank. In it, pay attention to the period and the possibility of adding accrued interest to the amount of the deposit. To then chargeinterestindependently and calculate the exact amount on the account, depending on what was said in the contract, you will need two mathematical formulas:
• The formula for calculating simple interest;
• Formula of compound interest.
If it follows from your contract thatinterestthey are charged all the time on the initial deposit amount, and when the payout period comes, they are displayed, for example, on a separate account, this means that the simple interest formula is used. It represents the following expression: C = B + B * n * i, in which C is the total amount, B is the amount of the initial deposit, n is the number of interest accrual periods, i is the interest rate (expressed in shares) to accrueinterestIn this case, you need to substitute your deposit amount, interest rate and accrual periods in the formula.
Quite often, bank deposits provide for the addition of accrued interest to the original amount. That is, at the time of paymentinterestadded to the same account. The amount of the deposit, therefore, increases, and further interest charges go on this increased amount. In this case, to self-chargeinterest, use the compound interest formula and substitute your values ​​from the bank agreement on the deposit in it. С = (1 + i) ^ n * В, (the same designations).

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