Loan Basic for iOS

Used Loan Basic for iOS? Share your experience and help other users.

Developer’s Description

Installment Loan AppThis app calculates any one of the four monthly installment loan factors given the other three. To use: fill in any three of...

Installment Loan AppThis app calculates any one of the four monthly installment loan factors given the other three. To use: fill in any three of the four text boxes, touch Calculate and the blank factor will be calculated. To clear a factor touch the circled x on the right side of the applicable text box. If all four factors are filled in the calculate will re-calculate the the previously calculated factor.The four factors of a monthly installment loan such as a car loan or home mortgage are: 1. LoanAmt Original loan amount, 2. IntRate Annual interest rate being charged by the lender, 3. NuMos Number of months required to pay off the loan, 4. MoPmt Amount of monthly payment. Calculation Logic:MoPmt = LoanAmt * IntRate / (1 - (1 + IntRate) ^ -NuMos)IntRate uses above formula to iterate IntRate from 0.0 by 0.001% until MoPmt is equal or greater than the given amount.NuMos = Log(MoPmt / (MoPmt - LoanAmt * IntRate)) / Log(1 + IntRate)LoanAmt = MoPmt * (1 - (1 + IntRate) ^ NuMos) / IntRateThis application rounds the results: MoPmt to nearest penny, IntRate to three decimal places, NuMos to two decimal places and LoanAmt to nearest dollar.