Loan calculator: Installment 2.2

Whether you are considering a student loan or a housing loan, one of the most common questions that arise is how much you'll need to pay on a monthly basis and for how long. If you're seeking a solution to this query, we have the perfect tool for you: the Loan Calculator app.

This app simplifies the process by allowing you to input the loan amount, repayment period, and interest rate, after which it quickly computes your equated monthly installment (EMI) – the payment required to service the loan.

In addition to the standard monthly payment calculation, this Loan Calculator app offers several other helpful features. It allows you to calculate any one of the following variables by inputting data for the remaining three:

• Monthly or yearly payment for your home loan, student loan, or car loan
• Interest rate charged by the bank
• Loan amount
• Loan term

The Loan Calculator is user-friendly – simply select the variable you wish to calculate, enter the necessary information for the other three variables, and the result will be generated for you. Additionally, it provides a pie chart that displays your total interest and loan amount as a percentage of your total repayment.

As an added benefit, this free loan/mortgage calculator app offers interactive graphs and comprehensive loan amortization schedules.

We greatly appreciate your input, so please do not hesitate to send us any comments, suggestions, or errors you may encounter via email: davcole102@gmail.com