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Swift Program to Calculate Compound Interest
This tutorial will discuss how to write a swift program to calculate compound interest.
The interest applied to the principal and interest together over a certain period of time is known as compound interest. In other words, the compound interest is known as the interest on interest. It is calculated after calculating the amount.
Formula
Following is the formula of compound interest −
Amount(A) = Principal(P)(1 + Rate/100)Time(t)
C.I = Amount(A) - Principal(P)
Where
Principal(P) − Principal amount represents the amount that is initially invested.
Rate(R) − Rate represents the interest rate, that applied to the principal amount for the given time period.
Amount(A) − Amount represents the total returned the money that includes principal and interest amount.
Algorithm to Calculate Compound Interest
Step 1 − Define three variables (Principal, Rate and Time)
Step 2 − Assign the value of those variables
Step 3 − Implement Simple interest formula (Amount(A) = Principal(P)(1 + Rate/100)Time(t))
Step 4 − Print the output
Example 1
The following program shows how to calculate the compound interest.
import Foundation import Glibc var Principal = 80000.0 var Rate = 4.0 var Time = 6.0 var Amount = Principal * pow((1 + Rate/100), Time) var CI = Amount - Principal print("Principal is-", Principal) print("Interest rate is-", Rate,"%") print("Time interval is-", Time,"Years") print("Amount is-", Amount) print("\nFinal compound interest is", CI)
Output
Principal is- 80000.0 Interest rate is- 4.0 % Time interval is- 6.0 Years Amount is- 101225.52147968003 Final compound interest is 21225.52147968003
In the above code, we calculate compound interest using mathematical formula as shown in the below code −
var Amount = Principal * pow((1 + Rate/100), Time) var CI = Amount - Principal
Here, we first calculate the amount and using the amount we calculate the compound interest. The principal, rate, and time period are 80000, 4, and 6 so the amount is 101225.52147968003 and the compound interest is 21225.52147968003.
Example 2
The following program shows how to calculate the compound interest with user input.
import Foundation import Glibc print("Please enter the principal amount-") var Principal = Float(readLine()!)! print("Please enter the rate of interest-") var Rate = Float(readLine()!)! print("Please enter the time period-") var TimeInterval = Float(readLine()!)! var Amount = Principal * pow((1 + Rate/100), TimeInterval) var CI = Amount - Principal print("Entered Principal is-", Principal) print("Entered Interest rate is-", Rate) print("Entered Time interval is-", TimeInterval) print("--------------") print("Amount is-", Amount) print("Compound interest is-", CI)
STDIN Input
Please enter the principal amount- 10000 Please enter the rate of interest- 3 Please enter the time period- 1
Output
Entered Principal is- 10000.0 Entered Interest rate is- 3.0 Entered Time interval is- 1.0 -------------- Amount is- 10300.0 Compound interest is- 300.0
In the above code, we calculate compound interest using mathematical formula as shown in the below code −
var Amount = Principal * pow((1 + Rate/100), TimeInterval) var CI = Amount - Principal
Here first we calculate the amount and then we calculate compound interest. The principal, rate, and time period are taken from the user using the readLine() function. So the compound interest of the given data is 300.
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