Fixed Deposite Interest Calculation
Formula for Fixed Deposite Interest Calculation:
A = P [( 1+ I/N )^NT - 1]
Where,
A: Total accrued amount (Both principal and the interest,
P: Principal or total loan amount,
I: Nominal Rate of Interest
N: Compounding Frequency or number of compounding periods in a year. (fd calculte quterly : 4)
T: Time, meaning the length of time the interest is applicable, generally in years. (year * 4)
Formula for Simple Interest Calculation:
Interest = (P * R)/100 * T
A = P + Interest
Where,
P: Principal or total loan amount,
R: Rate of interest
T: Number of years
A: Total accrued amount (Both principal and the interest)