Credicorp
Interest calculator
Work out how much interest a balance earns or costs. Simple interest is charged only on the original amount; compound interest is charged on the balance including interest already added, so it grows faster.
Interest calculator
For planning only — not a quote.
- Simple interest
- £120.00
- Compound (monthly)
- £127.16
- End balance (compound)
- £1,127.16
Simple: P × r × t. Compound: P × (1 + r/12)12t − P.
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The formulas
P is the principal, r is the annual rate as a decimal, t is the time in years, and n is the number of times interest is added each year.
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Simple interest:
I = P × r × t -
Compound:
A = P × (1 + r/n)n×t
Worked example
Hold £1,000.00 at 6% a year for 2 years. With simple interest you earn £120.00, giving £1,120.00. Compounding monthly you earn £127.16, giving £1,127.16 — a little more, because each month's interest then earns interest too.
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