CODEWITHSUNDEEP
javascript
Bret J
Bret J

Reputation: 11

Need a formula to calculate annually-compounded recurring deposits

Here i ve a formula to calculate Quarterly-compounded recurring deposits:

    <script type="text/javascript">
    function Function() {
         amount = 1000;
        months = 18;
        intrest = 12;
        quaters = Math.floor(months / 3);
        monthpayment = parseInt(amount) * ((Math.pow(intrest / 400 + 1, quaters) - 1) / (1-(Math.pow(intrest / 400 + 1,(-1/3)))));
        newpayment = monthpayment - amount * months;
        document.getElementById("MaturityAmt").value = monthpayment.toFixed(2);
        document.getElementById("IntrestAmt").value = newpayment.toFixed(2);
        document.getElementById("Deposit").value=(monthpayment.toFixed(2)-newpayment.toFixed(2))
    }

what to change here to get Annually-compounded recurring deposits: Ex: Principal amount 1000 made over 18 monthly installments, compounded yearly at 12% interest rate.

Total Investment: 18000 Maturity Value: 19713.24, Interest Earned: 1713.24

Upvotes: 1

Views: 2665

Answers (2)

Satheesh Kumar
Satheesh Kumar

Reputation: 2293

To calculate the RD, here I have attached the actual formula. enter image description here

Demo Snippet

  rd();
$("input").on('keyup', function(){
  rd();
});
function rd(){
var p = $("#installment").val(),
		i = $("#interest").val(),
    n = $("#month").val(),
    e = Math.pow((1+i/400), n/3),
    d = Math.pow((1 + i/400),(-1/3)),
    m = (p*(e - 1))/(1 - d);
$(".m").text("Maturity amount = " + m.toFixed(2));
$(".n").text("Instalment amount = " + p*n);
$(".o").text("Interest amount = " + (m - p*n).toFixed(2));
}
<script src="https://cdnjs.cloudflare.com/ajax/libs/jquery/3.3.1/jquery.min.js"></script>
<div>
  <label>Monthly instalment</label>
<input type="number" id="installment" placeholder="Monthly instalment" value="1000">
</div>
<div>
  <label>Rate of interest</label>
<input type="number" id="interest" placeholder="6.40" value="6.40">
</div>
<div>
  <label>No of months</label>
<input type="number" id="month" placeholder="12" value="12">
</div>
<h3 class="m"></h3>
<h3 class="n"></h3>
<h3 class="o"></h3>

You can also have a look into the codepen demo

Upvotes: 1

T Ami
T Ami

Reputation: 1

Try it: parseInt(amount) * ((Math.pow(intrest / 100 + 1, quaters) - 1) / (1-(Math.pow(intrest / 100 + 1,(-1/3)))));

Upvotes: 0

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