If you’re thinking about buying your first home, or even if you’re thinking about refinancing an existing home you’re probably aware of how frustrating it can be trying to understand what various interest rates really mean for you and your family. This is not something you want to try and figure out with a pen and paper; fortunately, you don’t have to. Interest 4 Loan Calculator is a great little app that can do all these calculations for you. This is a free app and it’s compatible with the iPhone, iPad, and iPod touch.
Have you ever had someone try to explain the difference to you between simple interest and compound interest? Chances are your eyes were glazing over as they did it. Well not to worry, because as long as you know the interest rate, and which type of calculation is being used, Interest 4 Loan Calculator can do the rest for you. You won’t have to go back to school and get an extra degree to figure it out. After all the bottom line really is figuring out how much it’s really going to cost you.
There are a couple of issues with this app though. You will have to contend with some ads, but this is mostly just in the form of banner ads at the bottom. They aren’t really overbearing. The other thing I found a little confusing with this app was that the numbers don’t default to zero: you have to physically change them yourself. It’s easy to make a typo, which you obviously don’t want to do with sensitive calculations. This app will require 2.4 Mb of free space on your iOS device.
How it Works
There are four different types of interest calculations you can do with this app: simple interest, compound interest, equal total, and equal principle. There are two ways of switching between calculation types: you can swipe right to left or tap on the menu icon in the top right corner. Either way works just fine it’s just a matter of personal preference.
The process of entering information is quite simple. For each line you simply replace the apps sample amount with the actual number you wish to use. There are only three items you need to enter for each calculation type: principal amount, annual interest rate, and loan term. The app does the rest for you and displays the information at the bottom of the app for you. It will display the amount of interest you can expect to pay over the loan term as well as the total amount including interest. If you wish to share your calculations with a spouse or other family member, you can do so by tapping on the sharing icon in the top left corner. It all works seamlessly.
Four different types of interest calculations to choose from
Displays interest you can expect to pay as well as total amount
Can share the calculations with another family member
The app contains ads
Numbers include samples so they do not default to zero
Interest calculations are not something most of us take lightly so it’s great to have an app that can take care of the calculations for you. The Interest 4 Loan Calculator app does exactly that. If you want answers to your interest questions as quickly as possible then this is the app for you.
Cherry is a hard-working writer and an aspiring web designer who can't go a day without using her favorite apps. She's always on the lookout for new apps and enjoys discovering ones that others have overlooked.