In this java program to calculate compound interest, we first take amount, rate of interest and duration in year as input from user and use following equation to calculate compound interest.
How to Calculate Compound Interest ?
Amount = P x (1 + R/100)T
Compound Interest = Amount - P
Where P, R and T are Principle, Rate of Interest and Time respectively.
Amount = P x (1 + R/100)T
Compound Interest = Amount - P
Where P, R and T are Principle, Rate of Interest and Time respectively.
Java program to calculate compound interest
package com.tcc.java.programs;
import java.util.Scanner;
class CompoundInterest {
public static void main(String[] args) {
double principal, time, rate, CI;
Scanner scanner = new Scanner(System.in);
// Taking input from user
System.out.println("Enter Amount");
principal = scanner.nextDouble();
System.out.println("Enter Duration in Years");
time = scanner.nextDouble();
System.out.println("Enter Rate of Interest");
rate = scanner.nextDouble();
// Calculate Compound Interest
CI = principal * Math.pow(1.0 + rate/100.0,time) - principal;
System.out.format("Compound Interest = %f", CI);
}
}
Output
Enter Amount 10000 Enter Duration in Years 3 Enter Rate of Interest 10 Compound Interest = 3310.000000
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