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Check the interest received
Financial - Examples for the financial calculators
Friday, 12 September 2008 05:16

This is an example with the Accrued Interest Calculator. A second example deals with computing the remaining amount of a loan after a number of draws and repayments.

Suppose you open a savings account with an interest rate of 7%. On April 4 2009 you wire $ 1000. On April 25 you save another $ 1000. On May 10 you need money and you draw $ 500. On June 20 they lower the interest rate to 6%. The bank pays the interest semi-annually, on the first of July. With this calculator you can compute how much that will be.

First enter "2009-07-01" as the end date in the field End Date. Then enter the wires and the draws according to the table below. Add new rows with the plus (+) button. Finally click Compute. The rows do not need to be entered in any specific order.

DateBalance changeInterest rate (%)Remark
2009-04-0410007First deposit
2009-04-2510007Second deposit
2009-06-2006Other interest rate

The calculator puts the computed interest after the text Total computed interest.

The input above can also be entered by cutting and pasting the text below into the tab Import form HTML and then clicking the button in that tab.