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Kotlin Program to calculate Simple Interest and Compound Interest
In this article, we will input the Principal Amount, Rate and Time (Years) from the user to find the Simple Interest and Compound Interest −
Simple Interest − The percentage interest on total principal amount. Returns are less compared to Compound Interest.
Compound Interest − The percentage interest charged on principal and accrued interest. Rates are higher compared to Simple Interest.
Below is a demonstration of the same −
Suppose our input is −
Principal = 25000.0 Annual Rate of Interest = 10.0 Time (years) = 4.0
The desired output would be −
Simple Interest: 10000.0 Compound Interest: 11602.500000000007
Algorithm
Step 1 − START
Step 2 − Declare 5 integers principalAmount, interestRate, timePeriod, simpleInterest and compoundInterest
Step 3 − Perform (p * r * t)/100
Step 4 − Perform p * Math.pow(1.0+r/100.0,t) - p;
Step 5 − Store the output of Step 4 in simpleInterest
Step 6 − Store the output of Step 5 in compoundInterest
Step 7 − Display simpleInterest
Step 8 − Display compoundInterest
Step 9 − STOP
Example 1
In this example, we will Calculate Simple Interest and Compound Interest using the widely used formulas. First, declare a variable for principal amount
val principalAmount = 10000
Now, declare and the rate of interest and the time period −
val interestRate = 5
println("The rate of interest is defined as: $interestRate %")
val timePeriod = 2
println("The time period is defined as: $timePeriod years")
Use the formulas to calculate the Simple and Compound Interest
val simpleInterest = (principalAmount*interestRate*timePeriod)/100
println("
Simple Interest is: $simpleInterest")
val compoundInterest = principalAmount.toDouble() * Math.pow((1 +
interestRate.toDouble()/100.00),timePeriod.toDouble()) - principalAmount
println("
Compound Interest is : $compoundInterest")
Let us now see the complete example to calculate the Simple and Compound Interest −
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 = 2 println("The time period is defined as: $timePeriod years") val simpleInterest = (principalAmount*interestRate*timePeriod)/100 println("
Simple Interest is: $simpleInterest") 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: 2 years Simple Interest is: 1000 Compound Interest is: 1025.0
Example 2
In this example, we will calculate simple interest and compound interest −
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") getInterest(principalAmount, interestRate, timePeriod) } fun getInterest(principalAmount: Int, interestRate: Int, timePeriod: Int) { val simpleInterest = (principalAmount*interestRate*timePeriod)/100 println("
Simple Interest is: $simpleInterest") 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 Simple Interest is: 1500 Compound Interest is: 1576.2500000000018
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