CompoundInterest(r, p, t)
Last updated April 23, 2002
Version: 1 | Requires: ColdFusion 5 | Library: FinancialLib
Description:
Calculate the compound interest after n years.
Return Values:
Returns a numeric value.
Example:
Future value:
<P>
100 dollars for 1 year at 10%: #DollarFormat(compoundInterest(0.1, 100, 1))#<br>
100 dollars for 2 years at 10%: #DollarFormat(compoundInterest(0.1, 100, 2))#<br>
100 dollars for 3 years at 10%: #DollarFormat(compoundInterest(0.1, 100, 3))#
</cfoutput>
Parameters:
| Name | Description | Required |
|---|---|---|
| r | Interest rate (3% = 0.03). | Yes |
| p | Principal | Yes |
| t | Duration of the loan in years. | Yes |
Full UDF Source:
<cfscript>
/**
* Calculate the compound interest after n years.
*
* @param r Interest rate (3% = 0.03).
* @param p Principal
* @param t Duration of the loan in years.
* @return Returns a numeric value.
* @author Stephan Scheele (stephan@stephan-t-scheele.de)
* @version 1, April 23, 2002
*/
function compoundInterest(r, p, t){
return (p* (1 + r)^t);
}
</cfscript>
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