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To calculate an interest rate factor, use the following formula: Interest Factor = (1 + Interest Rate)^Number of Periods. The interest rate should be expressed as a decimal (for example, 0.05 for 5%) and the number of periods should be in the same unit as the interest rate (for example, monthly if the interest rate is expressed as a monthly rate). For example, if the interest rate is 5% per year and the number of periods is 12 (for one year), the interest factor would be (1 + 0.05)^12 = 1.63.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.
Download our app and start gaining insight into your current and future finances.
Horizon65 for iPhone
Horizon65 for Android