Golang How to calculate future compound interest in Golang


This is an short tutorial about how to calculate compound interest in go language

what is Compound Interest with formula

Compound interest is used in calculating value of an amount in investment and finance domains.

Complex interest is a an interest applied to principal, period for period of time. In mathematical terms, Compound interest has a formula


Future Compound Interest Amount = principal × ((interest rate/100)+1) power of number
Interest Amount = Future Compound Interest Amount - Amount
  • principal : principal amount
  • Interest rate: It is an percentage value (%)
  • number is an period in years

Let’s write program to calculate compound interest in golanguage In a program code,

  • User enter an input of principal amount, interest and Period from console
  • save all these values in a temparory variable
  • Calculate future amount and compound interest amount using the above formula
  • Finally print the result

Here is the golang program code to calculate simple interest

package main

import (
	"fmt"
)

func main() {
    var principal, interest, period, total compountInterest float64;
    fmt.Print("Please enter principal amount: ")
    fmt.Scanln(&principal)
    fmt.Print("Please enter Interest Rate: ")
    fmt.Scanln(&interest)

    fmt.Print("Please enter period: ")
    fmt.Scanln(&period)

    futureAmount= principal* (math.Pow((1 + interest/100), period))
    compountInterest = futureAmount- principal

    fmt.Println("\nCompound Interest  Amount: ", compountInterest )
    fmt.Println("\n Total  Future Amount: ", futureAmount)


}

Output:

Please enter principal amount: 10000
Please enter Interest Rate: 24
Please enter period: 1
nCompound Interest  Amount: 72850
Total  Future Amount: 1.797010299914431e+61

This program takes input - principal, rate of interest and period in years and stored these values in a variable.

Calculated the future and compound interest and returns total amount.

Conclusion

In this example, You learned calculate compound interest principal amount in Go language.

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