Saving goal calculator

  • Resolved goldyfr

    (@goldyfr)


    3 years, 5 months ago

    Hello, I’m trying to build a savings goal calculator to figure out how much you need to put away each month to reach your savings goal. I would like the calculator to take into accoung interest rate and copound frequency of the account where the money will be saved.

    The formula of the calculator is :

    Monthly savings = (Goal amount * Interest rate / Compound frequency) / (1 – (1 + Interest rate / Compound frequency) ^ (-Term in months))

    So in the plugin, I tried to start the formula this way : “(fieldname15-fieldname13)/(1+fieldname2)” but I do not manage to do the rest. Could you tell me what is the right formula to add ?

    Thanks a lot

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  • Plugin Author codepeople

    (@codepeople)

    3 years, 5 months ago

    Hello @goldyfr

    Thank you very much for using our plugin. Javascript does not include the ^ operator, so, our plugin implements the POW operation. A ^ B would be equivalent to POW(A, B).

    Assuming your form fields are:

    fieldname1 -> Goal amount
    fieldname2 -> Interest rate
    fieldname3 -> Compound frequency
    fieldname4 -> Term in months

    The equation would be:

    (fieldname1*fieldname2/fieldname3) / (1 - POW(1 + fieldname2/fieldname3,-1*fieldname4))

    Best regards.

Viewing 1 replies (of 1 total)

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