Do you want a powerful tool to help you make important financial decisions quickly and save you valuable time? Do you get confused by financial jargon related to loans and savings? If the answer to either of these questions is yes, then this app is for you!
This inexpensive app is a collection of 6 powerful tools which calculate everything involving interest rates, ranging from time it would take to fully repay a credit card debt to an amount accumulated in a savings account over time. The following tools are included:
- Interest accumulation - calculates the amount accumulated over specified time with specified compound interest.
- Interest rate calculation - calculates interest rate of accumulated amount.
- Fixed instalments - calculates interest rate of a loan payable by fixed instalments, such as car finance or mortgage.
- Flexible loan repayment - calculates time it would take to clear a flexible loan, such as credit card, if borrower would chose to pay in regular instalments of the same amount.
- Student loan - specialist tool that calculates time it would take to repay a student loan. This is based on the UK system.
- Tax on savings - calculates amount accumulated in savings while taking income tax into account.
Most of these tools can be adjusted for inflation, so the answers would be given in today's money. As an added bonus, the app also comes with a glossary which contains brief definition of the most commonly used financial terms, such as APR and consumer price index.