• June 12, 2021

PHSARIT

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 Interest Rate and Compound Interest Rate

The definition of Interest Rate and Compound Interest Rate. In this C++ program to calculate simple interest and Compound Interest Rate, We define four variables p, t, r, and i which stores principal amount, time, rate, and interest rate Using the formula of simple interest and compound interest. As the simple interest is calculated by the formula i=(p*r*t)/100 and the compound interest within the formula is ci=(p*pow(1-i,t)-p)

To work with these calculation in C++, please a new project (visit our previous post How to create a project using C++ programming in Visual Studio. Then using this code below:

#include<iostream>
#include<cmath>
using namespace std;
int main()
{
	double p, t, r, i, ci;//variables for formulas
	// i=(p*r*t)/100 simple interest rate
	// ci=(p*pow(1-i,t)-p) compound interest rate
	char choice;
	cout << "What do you want to look for?\n" << "1. Find Simple Interest Rate.\n" << "2. Find Compound Interest Rate:\n" <<"Please type number 1 or 2"<<endl;
	cin >> choice;
	switch (choice)
	{
	case '1': //find simple interest rate
		cout << "You are finding simple interest rate" << endl;
		cout << "---------------------------------------------" << endl;
		cout << "Please enter your pricipal amount:\t";
		cin >> p;
		cout << "Please enter your loan interest rate:\t";
		cin >> r;
		cout << "Please your loan period:\t";
		cin >> t;
		i = (p*t*r) / 100;
		cout << "Your simple interest rate is:\t" << i;
		break;
	case '2':
		cout << "You are finding compound interest rate" << endl;
		cout << "---------------------------------------------" << endl;
		cout << "Please enter your pricipal amount:\t";
		cin >> p;
		cout << "Please enter your simple interest rate:\t";
		cin >> i;
		cout << "Please your loan period:\t";
		cin >> t;
		ci = p*pow(1-i,t)-p;
		cout << "Your simple interest rate is:\t" << ci;
		break;
	default:
		cout << "No selection has chosen";
		break;
	}
	system("pause > 0");
}

The programming above is using choice as an option for users who can get the their options for choosing whether they want to calculate simple interest or compound interest.

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