Frequently asked questions
What's the difference between simple and compound interest?
Simple interest is paid on the original amount only. Compound interest is paid on the interest as well, so 10,000 at 5% grows to about 16,289 in ten years, against 15,000 with simple interest.
Can I use these for Islamic finance?
The maths of growth and repayments is the same, so they work for profit rates on Sharia-compliant products too. Whether a product is Sharia-compliant is a separate question for its scholars.
Are the tax calculators for the Gulf?
No. There's no personal income tax on salaries in the Gulf, so the tax tools here are for US income. For Gulf money questions, the end-of-service and zakat calculators are more useful.
What return should I assume?
Try a cautious figure and then a couple of others. Deposits and savings accounts pay much less than shares over the long run, and past returns are no promise for the future.
How does inflation affect my savings?
It shrinks what your money can buy. At 2% a year, 10,000 today buys what about 8,200 does in ten years' time. The inflation calculator works it out for any rate.
Is anything I enter sent or stored?
No. Every calculation runs in your browser, and nothing you type is sent to us or saved.