When it comes to calculation of loans and mortgages, there is a specific calculator, known as the "Financial Calculator". This is a simple device that is made for the calculation of financial matters, such as interest rate, loan rates, mortgage rates and so on. The calculator has built-in formulas and thus makes it simple to calculate financial rates.
Apart from being a physical device, a financial calculator is also a small programmed tool, posted on financial websites, for people to calculate their rates instantly. A typical financial calculator could cost somewhere around $35, and if you happen to be in the finance industry, this is a much-needed device.
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| Markus Zöhrlaut |
There are three primary types of financial calculators; Loan calculators, mortgage calculators, and credit card calculators. Here Markus Zöhrlaut is explaining each one of them individually.
Loan Calculators:
A loan calculator allows users to understand the payable amount of a loan, along with the specified interest rate. The loan calculator operates on particular variables and benefits you decide what the monthly principal and interest payment would be. There are three types of information used in a loan calculator:
(a) The actual loan amount
(b) Estimated repayment time
(c) Estimated interest rate.
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| Markus Zöhrlaut |
Markus Zöhrlaut as a financial consultant says that you could either use a physical calculator or easily go online and use an online based loan calculator.
Mortgage Calculator:
Mortgage branches out to two main types; fixed rate and adjustable rate mortgages. Fixed rate mortgage calculator needs information about:
(a) Amount to be borrowed.
(b) Interest rate
(c) Loan term
Punch in the values for the above information and you will get all the required calculations. The adjustable-rate mortgage calculator is complex. You will need the following information:
(a) Amount to be borrowed.
(b) Interest rate
(c) Loan term
(d) The initial length of time before the loan adjusts
(e) Interval value after loan adjusts initially
(f) Estimated rate after each adjustment
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| Markus Zöhrlaut |
The fact remains that a mortgage calculator can just provide you an estimate and not an accurate figure, as mortgage rates constantly vary. Be sure to be updated about current interest rates on mortgages, and consult business experts if you want to be sure of the exact amount.
Credit Calculator:
Markus Zöhrlaut - When dealing with credit cards, you need to be informed of the rates that go along with it. Without firsthand knowledge of where your credit is being spent, and what are the charges along with it, you would be caught in a whirl of debts. A credit calculator could be a vital device in helping you attain this firsthand knowledge. Not only it will keep you informed of the expense, but also avoid possible debt issues. Information required for a credit calculator is:
(a) Current balance
(b) Annual interest rate
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| Markus Zöhrlaut |
Online credit calculators help you further with months left to payoff goal and monthly payment to payoff goal.
Mere calculations done on normal calculators cannot give you a satisfying answer to your loan calculations. Therefore, if you want to know where your debts are headed, how much money you have to pay/spend, then a financial calculator is an excellent guide.
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