Do you want to know how much interest you’ll earn on your savings account? Or how much your monthly payments will be on a new loan? Our free interest rate calculator can help! Enter the amount of money you want to save or borrow, and our calculator will do the rest. You’ll have all the information you need to make informed financial decisions.

- Loan Interest Rate Calculator
- Savings Interest Rate Calculator
- How can I use an interest rate calculator to find my interest rate for a savings account and a loan amount?
- How Do I Calculate Interest Rates On Savings?
- How To Calculate Interest Rate Per Month
- How To Calculate Interest Rate On A Loan
- How To Calculate Interest Rate On Savings
- Next Steps
- Frequently Asked Questions
- Related Tools
- Earn The Highest Interest Rates On Savings Today
- Request A Quote

## Loan Interest Rate Calculator

To use our interest rate and loan calculator, input your deposit or loan amount, interest rate, compound interest frequency, compounding or loan term, and any estimated monthly payment.

## Savings Interest Rate Calculator

Use this calculator to quickly determine how much interest your savings account will generate over time and get started on the path to financial success.

## Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and **penalty-free withdrawals for income**.

Term | Insurance Company | APY |
---|---|---|

N/A | Money Market Account – Optimum Bank | 5.26% |

N/A | Money Market Account – FVC Bank | 5.26% |

N/A | Savings Account – CloudBank 24/7 | 5.26% |

12 Months | Bread Savings CD | 5.50% |

48 Months | Clear Spring Fixed Annuity | 5.15% |

5 Years | Athene Fixed Annuity | 5.30% |

10 Years | Equitrust Fixed Annuity | 6.00% |

**Disclaimer**: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this guide.

## How can I use an interest rate calculator to find my interest rate for a savings account and a loan amount?

An interest rate calculator is a tool that can be used to calculate the interest rate on a savings account or loan amount. To find your interest rate for a savings account, you must enter the deposit amount, the term, and the interest rate. For a loan amount, you will need to enter the loan amount, the term of the loan, and the interest rate. Once you have entered this information, the interest rate monthly calculator will provide you with the interest rate for your savings or loan.

**How Do I Calculate Interest Rates On Savings?**

Use the simple or compound interest formula to calculate the annual percentage rate (APY) on a fixed interest rate.

### Simple Interest Formula

Simple interest formula: **Interest = P x R x N**.

- P = Principal amount (the beginning balance).
- R = Interest rate (usually per year, expressed as a decimal).
- N = Number of time periods (generally one-year time periods).

### Compound Interest Formula

Compound interest formula: A = P(1 + r/n)^nt,

- A = Total amount
- P = Principal balance,
- r = Interest rate
- n = Number of times interest is compounded per time period and
- t = Number of time periods

Check out all the best interest rates on savings accounts.

**Helpful Tool:** Simple Interest Vs. Compound Interest Calculator

## How To Calculate Interest Rate Per Month

To calculate the monthly interest rate, divide the annual interest rate (expressed as a decimal) by 12:

Monthly Interest Rate = (Annual Interest Rate / 100) / 12

**How To Calculate Interest Rate On A Loan**

To calculate the interest rate on a loan, use the following formula:

Interest Amount = (Principal Amount × Annual Interest Rate × Loan Tenure) / 100

To find the Annual Interest Rate, rearrange the formula:

Annual Interest Rate = (Interest Amount × 100) / (Principal Amount × Loan Tenure)

## How To Calculate Interest Rate On Savings

To calculate the interest earned on savings, use this formula:

Interest Earned = (Savings Amount × Annual Interest Rate × Time Period) / 100

To find the Annual Interest Rate, rearrange the formula:

Annual Interest Rate = (Interest Earned × 100) / (Savings Amount × Time Period)

## Next Steps

Figuring out how much interest you can earn on your savings account or your monthly payments on a new loan doesn’t have to be complicated. With our free financial calculators, you can get all the information you need with just a few clicks. And if you ever have any questions or need help making financial decisions, our team is always here to help. So contact us today for a quote.

## Request A Quote

Get help from a licensed financial professional. This service is free of charge.

## Frequently Asked Questions

### How do interest rates work?

The interest rate is the percentage of a loan charged as interest to the borrower or the rewards received by the saver. Higher interest is terrible for those borrowing money because the monthly payment will be more expensive, and great for those saving money because they earn more interest.

### Will interest rates go down in 2023?

According to experts, activity is starting to slow down in September 2023 and will continue to slow down in 2023 along with the economy.

### Can I pay my loan early?

You can pay off your loan payments early, including auto, federal, and private student loans.

### How do loan interest rates work?

The interest you accrue affects your overall price once your loan is completely paid off. For example, if you borrow $100 with a 6% interest rate and don’t pay any fees, you will owe the lender $106. The lender then returns their original money and an additional $6 profit.

### How do you calculate simple interest?

Interest = P x R x N. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal). N = Number of time periods (generally one-year time periods).

### How do you calculate interest per day?

You can figure out your daily periodic interest rate by taking your Annual Percentage Rate (APR) and dividing it by the number of days in a year.

### How do you calculate interest per year?

The equation for calculating interest rates is as follows: Interest = P x R x N. Where P equals the principal amount (the beginning balance), and R stands for the interest rate (usually per year, expressed as a decimal). Finally, N corresponds to the number of time periods (generally one-year time periods).

### What is 6% interest on a $30,000 loan?

The interest on a $30,000 loan amount, 60-month loan term at a 6% fixed interest rate with zero down payment is $4,799.04. The interest on a $30,000 loan amount, 60-month loan term at a 6% fixed interest rate with zero down payment is $4,799.04. Monthly payments will be $179.87.

### What Is A Deposit Interest Rate Calculator?

A deposit interest rate calculator is a tool that helps you calculate the interest you will earn on a deposit account, such as a savings account, certificate of deposit (CD), or money market account. The calculator uses the deposit interest rate, which is the annual percentage yield (APY) or annual percentage rate (APR), and the deposit amount to calculate the interest earned over a specified period of time.

### How Do You Determine Interest Rate For A Loan Account?

The interest rate for a loan account is determined by factors such as credit score, loan amount, loan type, market conditions, and lender policies.

### How Can I Find Out What Is My Interest?

You can find out your interest rate by reviewing the terms of your loan or investment agreement or by contacting the financial institution that manages your account. You may also be able to view your interest rate information online if you can access your account through an online banking platform.

### How do I determine my annual interest rate?

The method for determining the annual interest rate varies depending on the specific investment being made. More information is needed to provide an accurate answer.

### How do you go about calculating the interest rate on a loan?

The interest rate on a loan is calculated based on factors such as loan amount, term, and creditworthiness and can be determined using a loan calculator or formula.

### How do you go about calculating interest rates from monthly payments?

Calculating interest rates from monthly payments depends on several factors, including loan amount, term, and compounding period, and can be determined using a formula or financial calculator.

### How are interest rates calculated?

Interest rates are calculated based on the amount of borrowed or invested money, the length of time the money will be borrowed or invested, and the prevailing market rates. Lenders and investors may also consider factors such as creditworthiness and inflation when determining interest rates.