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Savings Calculators

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FinAid provides several interactive calculators you can use to set your savings goals and consider the financial impact of a variety of savings options.

  • The Savings Growth Projector illustrates how regular contributions to an interest-bearing bank account or investment fund can grow due to compound interest.

  • The Savings Plan Designer shows you how much money you must save in an interest-bearing bank account or investment fund each month in order to reach your savings goals. It is a useful tool for deciding how much to save.
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  • The Savings Plan Designer Chart generates a chart that shows how much money you must save in an interest-bearing bank account or investment fund each month in order to reach your savings goals for different time horizons. It is a useful tool for demonstrating that time is your greatest asset.

  • The Savings Plan Designer (Percent of Income Contribution) shows you the percentage of your income that must be saved in an interest-bearing bank account or investment fund each month in order to reach your savings goals. It is a useful tool for deciding how much of your income to save.

  • The Annual Yield Calculator computes the annual yield required to achieve a given total return over a specified number of years.

  • The Compound Interest Calculator computes the effective interest rate for an investment compounded at different intervals. It illustrates the effects of compounding on the effective interest rate.

  • The Savings Plan Yield Calculator computes the annual interest rate required to reach your savings goal given the present value of your savings, the value of your regular contributions, and the amount of time available.

  • The Level Payment Calculator (Amount) and Level Payment Calculator (Percent of Income) integrate saving and borrowing into a single calculator so that you pay the same amount before and after college regardless of whether it is to save or repay debt. The Inverted Level Payment Calculator (Amount) and Inverted Level Payment Calculator (Percent of Income) perform the inverse computation, starting with the amount you can afford to pay and figuring out how much college you can afford.

 

 
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