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Loan Calculator =

This free app is great for calculating a loan or mortgage

This free app is great for calculating a loan or mortgage

Loan Calculator =

by Amit Sett
Loan Calculator =
FREE in the App Store

What is it about?

This free app is great for calculating a loan or mortgage. You can calculate the monthly payment or the principal loan amount or the loan term or even the interest rate.

Loan Calculator =

App Details

Version
1.4
Rating
NA
Size
0Mb
Genre
Utilities Business
Last updated
September 16, 2015
Release date
October 11, 2011
More info

App Store Description

This free app is great for calculating a loan or mortgage. You can calculate the monthly payment or the principal loan amount or the loan term or even the interest rate.

'Loan Calculator =' also provides users the ability to do basic calculations.

There are 4 operations for the loan calculation:
PV (Present Value) implies the loan amount
% (Interest) implies the loan interest rate
N (# months) implies the loan term in months
PMT (Monthly Payment) implies the monthly payment towards the loan

The calculator has the ability to compute either PV or N or PMT or % provided that the other three variables have been entered. To set a value for any of the 4 loan operations just enter the value and press the desired operation.

A. To calculate the Monthly Payment for a $300,000 loan with a 6% interest over 30 years:
1. Enter 300000 then tap the PV button
2. Enter 6 then tap the % button
3. Enter 360 (30 years x 12 months/year) then tap the N button
4. Tap the PMT button to calculate the monthly payment

B. To calculate the Loan Interest Rate for a $300,000 loan with a $1500 monthly payment over 30 years:
1. Enter 300000 then tap the PV button
2. Enter 1500 then tap the PMT button
3. Enter 360 (30 years x 12 months/year) then tap the N button
4. Tap the % button to calculate the loan interest rate

C. To calculate the Loan Term for a $300,000 loan with a 6% interest and a $1500 monthly payment:
1. Enter 300000 then tap the PV button
2. Enter 6 then tap the % button
3. Enter 1500 then tap the PMT button
4. Tap the N button to calculate the loan term (in months)

D. To calculate the Principal Loan Amount given a $1500 monthly payment over 30 years at 6% interest:
1. Enter 6 then tap the % button
2. Enter 1500 then tap the PMT button
3. Enter 360 (30 years x 12 months/year) then tap the N button
4. Tap the PV button to calculate the principal loan amount

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