In an effort to save the money earned from inflation, citizens of Grad try to place it on deposits in banks, seduced by bright advertising, but not always fully understanding the principle of calculating interest on deposits.
It is necessary
- - calculator;
- - ballpoint pen or pencil;
- - paper.
Instructions
Step 1
To understand how interest is accrued on a deposit, you need to carefully read the agreement proposed by the bank. The fact is that for this you can use two methods: you can create a simple deposit or with capitalization, this condition must be specified in the document.
Step 2
In case of a simple deposit, the bank credits the calculated interest to a separate account of the client, without adding it to the main deposit. It is quite simple to calculate the interest on such a deposit, they are paid to the depositor according to the agreement: monthly, quarterly, once a year or at the end of the deposit term. Deposits with interest capitalization are more profitable: in this case, their amount is added to the main body of the deposit, as a result of which it increases, as does the interest on it. Such deposits are more profitable than simple deposits.
Step 3
To calculate the amount of income using the simple interest formula, the initial deposit amount must be multiplied by the annual interest rate specified in the contract and the number of days that have passed since the last moment of interest accrual. The amount received must be divided by the number of days in the current year and again divided by 100. This will be the amount of interest on the deposit. Adding the initial indicator to them, you can find out how much the bank will give out when the deposit is withdrawn. Thus, you can calculate the contribution by simple interest using the formula: Deposit amount +% = Initial amount. + (Amount of start. *% Rate * number of days of accrual% / number of days in a year) / 100.
Step 4
For a deposit with interest capitalization, the calculation is made differently. In this case, the formula will look like this: Deposit amount +% = Start amount. * (1 + Initial amount * annual% rate * number of days of calculation% / number of days in a year) / 100 * N, where N is the number of periods of interest calculation. For example, having 1000 rubles on the deposit, with a deposit rate of 10%, not 100 rubles will be credited to the account monthly, but 1/12 of the annual interest, or approximately 83 rubles for simple interest. When making a deposit with capitalization, these indicators are summed up at the end of each reporting period specified in the agreement, and the interest on the deposit will already be deducted from the amount 1000 + 83 = 1083 rubles, etc.
