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Calculates total savings due to compund interest based on a yearly rate and a monthly deposit.
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// Calculates total savings as result of a monthly deposit. | |
// vars | |
var monthlySaving = 500; // monthly amount you deposit in your savings account/index fund | |
var initialSavings = 0; // initial capital you start with | |
var yearlyInterest = 1.05 // in this case %5 | |
var years = 15; // amount of years to calculate for | |
var goal = 0 // financial goal, can leave at 0 | |
// computed | |
var monthlyInterest = yearlyInterest**(1/12) | |
var total = initialSavings | |
for(i=0; i < (years*12); i++) { | |
// apply monthly interest and add new deposit to total | |
total = (total*monthlyInterest) + monthlySaving | |
// log current iteration and total | |
console.log(i + ': total: ' + total) | |
// if goal is reached log required time and break | |
if (goal && total>goal) { console.log('Goal reached in ' + ~~(i/12) + ' year(s) and ' + (i%12) + ' month(s).'); break; } | |
} | |
console.log('done!') |
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