This calculator helps you estimate the earnings on a Certificate of Deposit (CD) with Chase Bank. CDs are a type of savings account with a fixed interest rate and a fixed term. You deposit a sum of money, and in return, the bank pays you interest. The longer you commit your money, the higher the interest rate typically offered.
Estimated Earnings:
function calculateCdEarnings() {
var initialDeposit = parseFloat(document.getElementById("initialDeposit").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var termInMonths = parseInt(document.getElementById("termInMonths").value);
var resultDiv = document.getElementById("calculation-result");
var totalInterestEarnedPara = document.getElementById("totalInterestEarned");
var totalBalanceAtMaturityPara = document.getElementById("totalBalanceAtMaturity");
if (isNaN(initialDeposit) || isNaN(annualInterestRate) || isNaN(termInMonths) || initialDeposit <= 0 || annualInterestRate < 0 || termInMonths <= 0) {
resultDiv.style.color = "red";
totalInterestEarnedPara.textContent = "Please enter valid positive numbers for all fields.";
totalBalanceAtMaturityPara.textContent = "";
return;
}
var monthlyInterestRate = (annualInterestRate / 100) / 12;
var numberOfPeriods = termInMonths;
// Using the compound interest formula for CDs (compounded monthly is a common assumption)
// A = P(1 + r/n)^(nt)
// Where:
// A = the future value of the investment/loan, including interest
// P = principal investment amount (the initial deposit)
// r = annual interest rate (as a decimal)
// n = the number of times that interest is compounded per year (we'll assume monthly, so 12)
// t = the number of years the money is invested or borrowed for (termInMonths / 12)
// For simplicity in this calculator, we'll calculate total interest directly.
// If compounding is monthly, we can approximate earnings. A more precise calculation would involve monthly compounding.
// For this calculator, we'll assume simple interest calculation for clarity of direct earnings.
// However, Chase CDs typically compound. Let's implement monthly compounding for accuracy.
var totalBalanceAtMaturity = initialDeposit * Math.pow((1 + monthlyInterestRate), numberOfPeriods);
var totalInterestEarned = totalBalanceAtMaturity – initialDeposit;
resultDiv.style.color = "black";
totalInterestEarnedPara.textContent = "Total Interest Earned: $" + totalInterestEarned.toFixed(2);
totalBalanceAtMaturityPara.textContent = "Total Balance at Maturity: $" + totalBalanceAtMaturity.toFixed(2);
}