Finding the date at which money deposited equals a specific amount in JavaScript

Problem

We have an amount of money amt > 0 and we deposit it with an interest rate of p percent divided by 360 per day on the 1st of January 2021. We want to have an amount total >= a0.

Our function should take these three parameters and return the date at which the amount will be equal to the desired amount

Example

Following is the code −

 Live Demo

const principal = 100;
const amount = 150;
const interest = 2;
const findDate = (principal, amount, interest) => {
   const startingDate = new Date('2021-01-01')
   const dailyInterestRate = interest / 36000
   let startingMoney = principal
   let daysPassed = 0
   while (startingMoney < amount) {
      daysPassed++
      startingMoney += startingMoney * dailyInterestRate
   };
   startingDate.setDate(startingDate.getDate() + daysPassed)
   return startingDate.toISOString().split('T')[0]
};
console.log(findDate(principal, amount, interest));

Output

2040-12-26

AmitDiwan

Published on 17-Apr-2021 13:11:09

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