The promised annual rate will no longer be abstract.
When the bank offers to make a deposit "at a high interest rate", the real amount of income that you will receive at the end of it may be far from the one presented, or vice versa, undervalued. Someone said that money loves the account. Now, you can easily prove it from your experience, for example, surprising the bank employee with your awareness)
What can the application do?
Calculate the return on the deposit with an initial contribution and duration for any period in months. Monthly fixed-acum contributions can be included in the calculation.
It is enough to input the amount of the initial contribution to the account, the amount of monthly replenishments, the duration of the deposit and the annual interest rate promised by the bank.
At the end of the calculation you will see the total amount of contributions to your account, the amount of income that you can receive at the end of the period and the real (effective) interest rate on the deposit.
When the bank offers to make a deposit "at a high interest rate", the real amount of income that you will receive at the end of it may be far from the one presented, or vice versa, undervalued. Someone said that money loves the account. Now, you can easily prove it from your experience, for example, surprising the bank employee with your awareness)
What can the application do?
Calculate the return on the deposit with an initial contribution and duration for any period in months. Monthly fixed-acum contributions can be included in the calculation.
It is enough to input the amount of the initial contribution to the account, the amount of monthly replenishments, the duration of the deposit and the annual interest rate promised by the bank.
At the end of the calculation you will see the total amount of contributions to your account, the amount of income that you can receive at the end of the period and the real (effective) interest rate on the deposit.
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