In the history of the computer generation, the first computer was invented in the year 1600-1700. In those days, computer was used as a calculator application. Basic calculator operations such as addition, subtraction, multiplication and division involved in the older days computers. Older days computer/calculators machines has located in a large space area. So older calculator consumes lot of space and late response from the output. Day by day calculator application access increased gradually.

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*There are two types of interest calculator, simple interest and compound interest. Simple interest is based on the principle amount of the loan that the customer borrow from the bank whereas the compound interest is based on the principle amount and the interest of the loan that the customer borrow from the bank*

Simple interest is simply calculated based on the parameters including annual interest rate, balance, time period and interest frequency

Formula for the Simple interest:

S = ( r * B * t ) / n

where

r is the annual interest rate

B is the balance

t is the time period

n is the interest frequency

Compound interest is simply calculated based on the parameters including rate of interest, balance, principle amount, number of times that interest add per year and number of year that interest is invested

Formula for the Simple interest:

A = P (1 + r/n) (n*t)

where

A is the future value of the investment

r is the rate of interest

P is the principle amount

n is the number of times that interest add per year

t is the number of year that interest is invested