Certificates of Deposits (CDs)

A certificate of deposit (hereafter referred to as a CD) is a time deposit held in a bank or savings and loan for a fixed period of time at a fixed rate. Interest accrues on this deposit with a fixed periodicity (e.g. monthly or daily). The amount of money initially deposited in the CD is called the present value, and the final balance of the CD at the end of its term (which equals the initial deposit plus all accrued interest) is called the future value.

There are four basic variables involved in computing a CD: present value, interest rate, term, and future value. Given any of the three, you may find the fourth. Instead of creating four different request and response JSON interfaces, only one request format and one response format are used, each of which is detailed below.

Sample Request

{
  "Module" : "Cd",
  "Data" : {
    "Calculate" : "FV",
    "Date" : "2022-05-01",
    "PV" : "200000.00",
    "Rate" : "6.0",
    "Term" : "12",
    "TermUnits" : "Months",
    "Compounding" : "Monthly"
  }
}

Sample Response

The following example is the response returned from the SCE for the request provided at the beginning of the previous section.

{
  "Result" : 200,
  "Module" : "Cd",
  "Data" : {
    "Errors" : [
    ],
    "Warnings" : [
    ],
    "PV" : "200000.00",
    "Rate" : "6.000",
    "Term" : "12",
    "TermUnits" : "Months",
    "FV" : "212335.56",
    "Maturity" : "2023-05-01",
    "Gain" : "12335.56",
    "APY" : "6.168"
  }
}