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Kotlin Program to Calculate Compound Interest
In this article, we will understand how to calculate the Compound interest. The percentage interest charged on principal and accrued interest is Compound Interest. Rates are higher compared to Simple Interest. Compound Interest is calculated using the formula
principle * (Math.pow((1 + rate / 100), time)) – principle
Below is a demonstration of the same
Suppose our input is
Principle number: 100000 Interest rate: 5 Time period in years: 3
The desired output would be −
The Compound Interest is: 15762.50000000001
Algorithm
Step 1 − START
Step 2 − Declare four integer values principalAmount, interestRate, timePeriod, compoundInterest
Step 3 − Define the values for principalAmount, interestRate, timePeriod, compoundInterest.
Step 4 − Perform “principle * (Math.pow((1 + rate / 100), time)) – principle” to calculate the compound interest and store it in a compoundInterest variable
Step 5 − Display compoundInterest
Step 6 − STOP
Example 1
In this example, we will calculate Compound Interest in Kotlin using the above given formulae. First, declare and set the variable for the Principal amount −
val principalAmount = 10000
Then, set the variables for rate of interest and time period −
val interestRate = 5 val timePeriod = 3
Now, use the above formulae to calculate the Compound Interest
val compoundInterest = principalAmount.toDouble() * Math.pow((1 + interestRate.toDouble()/100.00),timePeriod.toDouble())- principalAmount
Let us see the example to compute the Compound Interest in Kotlin −
fun main() { val principalAmount = 10000 println("Principal amount is defined as: $principalAmount") val interestRate = 5 println("The rate of interest is defined as: $interestRate %") val timePeriod = 3 println("The time period is defined as: $timePeriod years") val compoundInterest = principalAmount.toDouble() * Math.pow((1 + interestRate.toDouble()/100.00),timePeriod.toDouble())- principalAmount println("
Compound Interest is: $compoundInterest") }
Output
Principal amount is defined as: 10000 The rate of interest is defined as: 5 % The time period is defined as: 3 years Compound Interest is: 1576.250000000002
Example 2
In this example, we will calculate Compound Interest in Kotlin
fun main() { val principalAmount = 10000 println("Principal amount is defined as: $principalAmount") val interestRate = 5 println("The rate of interest is defined as: $interestRate %") val timePeriod = 3 println("The time period is defined as: $timePeriod years") getCompoundInterest(principalAmount, interestRate, timePeriod) } fun getCompoundInterest(principalAmount: Int, interestRate: Int, timePeriod: Int) { val compoundInterest = principalAmount.toDouble() * Math.pow((1 + interestRate.toDouble()/100.00),timePeriod.toDouble()) - principalAmount println("
Compound Interest is: $compoundInterest") }
Output
Principal amount is defined as: 10000 The rate of interest is defined as: 5 % The time period is defined as: 3 years Compound Interest is: 1576.250000000002
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