Calculate interest on any loan or investment — choose between simple or compound interest, and see the year-by-year breakdown.
Interest Settings
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FAQ
What is the difference between interest rate and APY?
Interest rate is the stated rate. APY (Annual Percentage Yield) accounts for compounding frequency. Monthly compounding at 6% gives APY of 6.168%. APY is the true return.
When is compound interest used?
Savings accounts, CDs, mortgages, and investment accounts use compound interest. Credit cards often compound daily, making them very expensive if not paid off monthly.