How To calculate Interest where period is in day

Question

void calc(double Principal double AnnualRate int NumberOfPeriods int CompoundType) { double RatePerPeriod; AnnualRate = AnnualRate / 100; // CompoundType Meanse Frequant // if Frequenc monthly - CompoundType = 12 // if Frequenc Quarterly - CompoundType = 4 // if Frequenc Half Yearly - CompoundType = 2 // if Frequenc Yearly - CompoundType = 1 double i = AnnualRate / CompoundType; int n = CompoundType * NumberOfPeriods; RatePerPeriod = AnnualRate / NumberOfPeriods; returnamount = Principal * Math.Pow(1 + i n); Earnedamount = returnamount - Principal; // MessageBox.Show(returnamount.ToString()); } It Complete count interest but it require NumberOfPeriods is in years How can i calculate by day.

Vasu Gadhiya · Answer

Some month Ago i also face this porblem try this one -------------------------------------- private void button3_Click(object sender EventArgs e) { double Principal = 50000; double MonthlyRate = 1.5; int NumberOfDays = 1; int j; for (j = 31; j { Principal = Principal + calc(Principal MonthlyRate 30); j += 29; } int remainday = j - 31; Principal = Principal + calc(Principal MonthlyRate NumberOfDays - remainday); MessageBox.Show(Principal.ToString()); } double calc(double Principal double MonthlyRate int NumberOfDays) { MonthlyRate = MonthlyRate / 100; double i = MonthlyRate / 30; // rate per day double returnamount = Principal * i * NumberOfDays; return returnamount; } -------------------------------------- This is for Monthly Compound you can change half yearly Quarterly Half Yearly as you need. you must change value at initialization of j j increment of j equation of remain day and in called function inside for loop. May be this help you.

Vulpes · Answer

Just use the original method for that which you could perhaps rename 'calcCompound' in the interests of clarity.

prince raj · Answer

ya this is done but what about compounded interest. Compounded Monthly Compounded Quarterly Compounded Half Yearly Compounded Yearly

Vulpes · Answer

As you're now using simple rather than compound interest and the interest rate appears to be a monthly rate (30 days) rather than an annual rate then it would be easier to code a separate method: void calcSimple(double Principal double MonthlyRate int NumberOfDays) { MonthlyRate = MonthlyRate / 100; double i = MonthlyRate / 30; // rate per day double returnamount = Principal * i * NumberOfDays; double Earnedamount = returnamount - Principal; MessageBox.Show(returnamount.ToString()); } If you then call with: t.calcSimple(50000 1.5 50); the MessageBox shows 1250 as expected.

prince raj · Answer

i make it in better way dailyrate = rate/30; // Now dailyrate = 0.05 dailyinterst = ((principal*dailyrate)/100) // Now DailyInterest = 25 total = dailyinterst*period // Now total = 1250 but it is only for Simple Interst if user want count Interst of interst (Compunded Interst) How can i ? Compounded Monthly Compounded Quarterly Compounded Half Yearly Compounded Yearly

prince raj · Answer

see screenshot if user input principal = 50000 rate of interest = 1.5 % Period (in days) = 50 Freqency = Simple interest (Now Calculate logic) ------------------ First calculate for every 30 days (in our case ((50000*1.5)/(100)) = 750) Now for remaining 20 day 750/30 = 25 (this is every day interest) 25*20 = 500 Total = 750+500 = 1250 it must return 1250.

Vulpes · Answer

Try this: void calc(double Principal double AnnualRate int NumberOfPeriods int CompoundType) { AnnualRate = AnnualRate / 100; // CompoundType Means Frequency // if Frquency Daily - Compound Type = 365 // if Frequency Monthly - CompoundType = 12 // if Frequency Quarterly - CompoundType = 4 // if Frequency Half Yearly - CompoundType = 2 // if Frequency Yearly - CompoundType = 1 double i = AnnualRate / CompoundType; // rate per period double returnamount = Principal * Math.Pow(1 + i NumberOfPeriods); double Earnedamount = returnamount - Principal; MessageBox.Show(returnamount.ToString()); } So if the annual rate were 365% and you wanted to calculate how much 1000 would have grown to after 2 days with interest compounded daily you'd call the method with: calc(1000 365 2 365); and the MessageBox would then show 1020.1 which is: 1000 x (1 + 365/100/365) ^ 2

Abhay Shanker · Answer

Please clarify your requirement and provide more details like principalroitime and type of Interest Simple or compound.