North Shore Bank CD Rates Calculator
Understanding Certificate of Deposit (CD) Growth
A Certificate of Deposit (CD) is a savings product offered by banks and credit unions that provides a fixed rate of interest over a specified term. Unlike regular savings accounts, CDs typically require you to commit your funds for the entire term to avoid early withdrawal penalties. This commitment allows banks to offer higher interest rates compared to standard savings accounts.
The North Shore Bank CD Rates Calculator helps you estimate the potential growth of your investment based on the initial deposit, the annual percentage yield (APY), and the term length in months. The APY reflects the total amount of interest you will earn in a year, including the effect of compounding.
How it works:
The calculator uses the following formula to project your CD's value at maturity:
Future Value = P (1 + r/n)^(nt)
Where:
- P = Principal amount (initial deposit)
- r = Annual interest rate (APY expressed as a decimal)
- n = Number of times that interest is compounded per year (assuming monthly compounding for this calculator)
- t = Time the money is invested for, in years (term in months / 12)
For simplicity, this calculator assumes interest is compounded monthly.
By inputting your investment details, you can get a clear picture of how much your savings might grow with a North Shore Bank CD. Always check North Shore Bank's official website or contact them directly for the most current and accurate CD rates and terms.
function calculateCDGrowth() {
var initialDeposit = parseFloat(document.getElementById("initialDeposit").value);
var annualPercentageYield = parseFloat(document.getElementById("annualPercentageYield").value);
var termMonths = parseFloat(document.getElementById("termMonths").value);
var resultDiv = document.getElementById("cdResult");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(initialDeposit) || isNaN(annualPercentageYield) || isNaN(termMonths) || initialDeposit <= 0 || annualPercentageYield < 0 || termMonths <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var annualInterestRate = annualPercentageYield / 100;
var numberOfCompoundingPeriodsPerYear = 12; // Assuming monthly compounding
var termYears = termMonths / 12;
var numberOfTotalCompoundingPeriods = numberOfCompoundingPeriodsPerYear * termYears;
// Using the compound interest formula: FV = P * (1 + r/n)^(nt)
var futureValue = initialDeposit * Math.pow(1 + annualInterestRate / numberOfCompoundingPeriodsPerYear, numberOfTotalCompoundingPeriods);
var totalInterestEarned = futureValue – initialDeposit;
resultDiv.innerHTML =
"
Estimated CD Growth
" +
"
Initial Deposit: $" + initialDeposit.toFixed(2) + "" +
"
APY: " + annualPercentageYield.toFixed(2) + "%" +
"
Term: " + termMonths + " months" +
"
Estimated Value at Maturity: $" + futureValue.toFixed(2) + "" +
"
Total Interest Earned: $" + totalInterestEarned.toFixed(2) + "";
}
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