In this era, most people of us take a loan for different things like: study, home, vehicle etc. Then we came across this term of interest. It may be simple or compounded. Now, think what if you have an app which would calculate the interest amount for you. Wait ! you don’t have to worry about this now. Windows 8 has launched his new app “Loan payment Calculator“.
Loan payment Calculator is basically an app which would calculate the interest on your behalf assuming proper information is put down there in the calculator. It can also be fruitful if you are willing to know how much you have to pay monthly if you have decided to pay it in installments.
How to get this app
You can get this app by visiting Loan payment Calculator app in Windows 8 or you can look for this app in the Windows Store. Once you have downloaded this app from any of the above mentioned two ways, you can then install in your PC. The interface which would open once you click on the its icon after installation is shown below.
How does this app work
The main feature of this app is that it can calculate loan Payback for three cases in one single click. To start working inside this app, look at the topmost blank, which asks for the Loan Amount. Fill this blank with the Principal amount. After then fill up the interest rate, term of the period and extra monthly payment in the required space. As mentioned above, it can go for three different scenarios, you can go for it by choosing 3 different rates of interest and term period of loan. Now, as you have filled the all blanks click on the calculate button. It opens a new window consisting of three calculations side by side. The interface of calculator is shown below.
Thus, using this new feature of Windows 8, you can calculate the interest of same Principal on 3 different rate of interest and Time of Period. Here, you don’t have to worry about those long calculations being done.