Calculating Future Value With Compound Interest With JavaScript
I'm trying to work on a script where the user inserts a monthly income and gets the future value with compound interest after 30 years. As it is now, I've assigned some values for
Solution 1:
The Math.pow
is unnecessary, since you are calculating and incrementing futureValue
month by month. Simply multiply by 1 + monthlyRate
. You also want to add the current value of the investment to the new investment before multiplying:
for ( i = 1; i <= months; i++ ) {
futureValue = (futureValue + investment) * (1 + monthlyRate);
}
Alternatively, you can also calculate this in one go with the following formula:
futureValue = investment * (Math.pow(1 + monthlyRate, months) - 1) / monthlyRate;
Solution 2:
Below is the code to calculate compound interest.
function calculate() {
p = document.getElementById("p").value;
n = document.getElementById("n").value; // no. of compoundings per year
t = document.getElementById("t").value; // no. of years
r = document.getElementById("r").value;
result = document.getElementById("result");
// The equation is A = p * [[1 + (r/n)] ^ nt]
A = (p * Math.pow((1 + (r / (n * 100))), (n * t)));
// toFixed is used for rounding the amount with two decimal places.
result.innerHTML = "The total amount is " + A.toFixed(2);
result.innerHTML += "<br> The interest is " + (A.toFixed(2) - p).toFixed(2);
}
div {
display: table-row;
}
label,
input {
display: table-cell;
}
<html>
<head>
<title>Compound Interest Calculation using jQuery</title>
</head>
<body>
<h1>Compound Interest Calculation Using jQuery</h1>
<div> <label>Amount: </label> <input id="p"> </div>
<div> <label>Rate (%): </label> <input id="r"> </div>
<div> <label>No. of Years: </label> <input id="t"> </div>
<div> <label>Compunding Times Per Year: </label> <input id="n" value="1"> </div>
<button onclick="calculate()">Calculate</button>
<p id="result"></p>
</body>
</html>
Solution 3:
function FVcalc(PresentAmount,InterestRate,NumberOfYears) {
var timescompound = 1;
var AnnualInterestRate = (InterestRate/100)/timescompound;
var Years= NumberOfYears
var Periods=timescompound*Years;
var NumPayments=Periods;
var Prin=PresentAmount;
MonthPayment=Math.floor((Prin)*(Math.pow((1+AnnualInterestRate),(Periods)))*100)/100;
FVFactor=(Math.pow((1+AnnualInterestRate),(Periods)))
return MonthPayment
}
Solution 4:
Also I found with this alternative:
function compoundInterest(principal, annual_rate, n_times, t_years) {
return principal*(Math.pow(1 + annual_rate/n_times, n_times*t_years) - 1);
}
Solution 5:
This will work for any case, note that period
has a benchmark of 1 of a year so for instance every 6 months period = 2
, 4 months period = 3
etc...
var init = 500000
var years = 30
var compound = 1
var interest = 3.99
var period= 2
var total = 0
function CInterest(){
for(let i=0; i<years*12; i++){
if(i%(12/period) === 0){
compound*=(1+((interest/100)/period))
}
}
total= init*compound
}
CInterest()
console.log("total: ",total)
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