Calculating Compound Interest Using Nickzom Calculator

Using the Nickzom Calculator for Math calculations is quite simple. Navigation through any of the App platforms from Mobile to Web is quite easy. Just a bit of playing around and you’re quite comfortable with the user interface. Does Math seem hard, Nickzom Calculator makes it easier.

We will consider Compound Interest, how your Principal, Interest and Amount can easily be calculated using the Nickzom calculator. The platform  also goes a long way in showing the formula used, and the steps it took to arrive at its answer.

 

Compound Interest

Compound Interest being a very popular topic in Mathematics entails basically  Principal, Rate, Interest, Time (number of years) and expected amount. The Nickzom Calculator can carry out calculations on Compound Interest, solving problems on

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How to Calculate and Apply Simple Interest, Principal, Rate and Time

What is Simple Interest?

Simple interest is a method of calculating the interest charge on a loan or bill. Simple interest is determined by multiplying the interest rate by the principal by time which is normally in years (per annual) but could be in months, days, weeks etc during the specified time frame.

Simple Interest (S.I.) = (P x r x t) / 100

Where P stands for Principal, r stands for interest rate and t stands for time.

How to Solve and Apply Simple Interest.

There are a number of different reasons that could make one want to carry out a simple interest operation. One of them being that you want to lend money to your friend to start a business and you want your money to work for you and reproduce during the course of the loan.

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