Ihmvcu Cd Rates Calculator

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IHMVCU CD Rates Calculator: Estimate Your Certificate of Deposit Growth

A Certificate of Deposit (CD) is a time-deposit savings account that typically offers a higher interest rate than a standard savings account in exchange for locking your money away for a specific period. For members of IHMVCU (Illinois Quad City Civic Center Authority Credit Union), utilizing a CD can be a secure strategy to grow savings over time.

This calculator helps you estimate the future value of an IHMVCU CD at maturity. By inputting your deposit amount, the term length (in months), and the advertised Annual Percentage Yield (APY), you can see how much interest your money could earn. Understanding APY is crucial, as it reflects the total amount of interest earned over a year, accounting for the effects of compounding.

Use this tool to compare different term lengths and rates to find the savings strategy that best meets your financial goals.

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CD Earnings Calculator

Total Interest Earned: –
Total Balance at Maturity: –

Understanding Your Results

The calculator provides two key figures representing the outcome of your CD investment:

  • Total Interest Earned: This is the pure profit your money generated over the specified term, based on the APY provided. It is the difference between what you put in and what you get out.
  • Total Balance at Maturity: This is the final amount you will receive when the CD term ends. It includes your original deposit plus all the aggregated interest earned.

Please note that CD rates change frequently based on market conditions. Always confirm the current rates and terms directly with IHMVCU before opening an account. Early withdrawal penalties may apply if you access funds before the maturity date, which could reduce your principal earnings.

function calculateIHMVCUCDResults() { // 1. Retrieve inputs var depositInput = document.getElementById('cdDepositAmount'); var termInput = document.getElementById('cdTermMonths'); var apyInput = document.getElementById('cdApyRate'); // 2. Parse values to numbers var deposit = parseFloat(depositInput.value); var termMonths = parseInt(termInput.value); var apyPercent = parseFloat(apyInput.value); // 3. Validation and Error Handling if (isNaN(deposit) || deposit <= 0) { alert("Please enter a valid positive Deposit Amount."); depositInput.focus(); return; } if (isNaN(termMonths) || termMonths <= 0) { alert("Please enter a valid positive CD Term in months."); termInput.focus(); return; } if (isNaN(apyPercent) || apyPercent <= 0) { alert("Please enter a valid Annual Percentage Yield (APY) greater than zero."); apyInput.focus(); return; } // 4. Calculation Logic // Convert APY percentage to a decimal equivalent var apyDecimal = apyPercent / 100; // Convert the term in months to years for the standard APY formula var termYears = termMonths / 12.0; // Calculate Future Value using APY formula: FV = P * (1 + APY)^Years // This formula assumes the APY already accounts for compounding frequency. var finalBalance = deposit * Math.pow((1 + apyDecimal), termYears); // Calculate total interest earned var totalInterest = finalBalance – deposit; // 5. Formatting Results (Currency format with commas) var formatter = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', minimumFractionDigits: 2, maximumFractionDigits: 2 }); var formattedInterest = formatter.format(totalInterest); var formattedBalance = formatter.format(finalBalance); // 6. Display Results in the HTML document.getElementById('resultInterestEarned').innerHTML = formattedInterest; document.getElementById('resultMaturityValue').innerHTML = formattedBalance; // Make the results container visible document.getElementById('cdCalculatorResults').style.display = 'block'; }

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