Java Program to Calculate Compound Interest

In the previous article, we have seen Java Program to Calculate Total Distance Covered If Speed Given

In this article we are going to see how calculate Compound Interest using Java programming language.

Java Program to Calculate Compound Interest

Before jumping into the program let’s know how we find the compound interest.

Compound Interest= p * Math.pow(((1 + (r / 100)), t)

where,

p = principal
r = annual rate of interest
t = Number of years

Let’s see different ways to find compound interest.

By Using Static Input Value
By Using User Input Value
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Method-1: Java Program to Calculate Compound Interest By Using Static Input Value

Approach:

Initialize variables for principal amount, rate of interest and number of years.
Calculate the compound interest according to the formula.
Print the result.

Program:

public class Main
{
    public static void main(String[] args)
    {  
        //declaring value of p, t, r 
        double p = 10000;
        double r = 6.5;
        double t = 10;

        //finding compound interest using formula
        double ci = p * Math.pow((1 + (r / 100)), t);
        System.out.println("The compound interest is: " + ci);
    }
}

Output:

The compound interest is: 18771.37465269359

Method-2: Java Program to Calculate Compound Interest By Using User Input Value

Approach:

Create Scanner class object.
Take user input for principal amount, rate of interest and number of years.
Calculate the compound interest according to the formula.
Print the result.

Program:

import java.util.Scanner;

public class Main
{

    public static void main(String[] args) 
    {
        //Scanner class object created
        Scanner sc = new Scanner(System.in);
        //taking user input of p, t, r
        System.out.print("Enter the principal amount: ");
        double p = sc.nextDouble();
        System.out.print("Enter the rate of interest: ");
        double r = sc.nextDouble();
        System.out.print("Enter the time period: ");
        double t = sc.nextDouble();
        // calculating compound interest
        double ci = p * Math.pow((1 + (r / 100)), t);
        System.out.println("The compound interest is: " + ci);

    }
}

Output:

Enter the principal amount: 9800
Enter the rate of interest: 2
Enter the time period: 8
The compound interest is: 11482.261933822205

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