Simple or Compound interest calculator

interestcalc

% Calculate Compound or simple interest
%
%                         _____________________
% input data and  --->   | calculate interest  | -----> output interst
% type of interest       |_____________________|
%
%
clear
clc
%simple interest
% I = P r t
%
%compound interest
% A = P(1+r)^n
%
% Outline 1: Ask user whether simple interest or compound interest
%
interesttype=input('Would you like to calculate 1. Simple interest or 2. Compound interest: ');

% First half, which calculates the simple interest.
if interesttype == 1;
    disp('You have chosen simple interest, Please input the following data:')
    principal = input('Enter the Original amount borrowed or deposited:');
    rate = input('Enter the rate of interest:');
    time = input('Enter the time:');
    
    % This if statement is used to check whether the rate is enetered
    % as a integer or decimal and correctly calculates the interest
    if rate < 1;
        interest = principal * rate * time;
        disp('The interest was equal to:')
        disp(interest)
    else rate > 1;
        interest = principal * (rate/100)*time;
        disp('The interest was equal to:')
        disp(interest)
    end
        
    
    %Second half, which is used to calculate the compound interest
elseif interesttype ==2 ;
    disp('You have chosen compound interest, Please input the following data:')
    principal = input('Enter the Original amount borrowed or deposited:');
    rate = input('Enter the rate of interest:');
    time = input('Enter the time:');
    
    
    % This if statement is used to check whether the rate is enetered
    % as a integer or decimal and correctly calculates the interest
    if rate < 1;
        interest = principal *((1 + rate)^time);
        disp('The interest was equal to:')
        disp(interest)
    else rate > 1;
        interest = principal * ((1 + rate/100)^time);
        disp('The interest was equal to:')
        disp(interest)
    end
end