Description
LoanIQ is efunda's iPhone version of its online loan, lease, and APR (Annual Percentage Rate) calculators. Its simple interface allows you to choose any variable (loan amount, payment, interest rate or money factor, number of periods, or residual value) as the unknown and calculate the result in real-time as values for other variables are entered. The calculator also includes a full payoff schedule showing the interest and principal portions of each payment.
- Based on the popular Palm version of efunda's LoanIQ with tens of thousands of satisfied customers, many of them are professional loan officers.
- All calculations are updated with every key stroke. No 'Enter' or 'Calculate' key to hit.
- You can set any variable as the unknown. Perfect for the "what if" type of calculations. Simply click on the green button to the left of the variable that you wish to calculate, and then enter the values for all the other variables. To enter a value, tap on the area to the right of the equal sign of a variable. A blinking box will appear, indicating that this is now the active input field. Any input from the keypad will be entered into this input field.
- APR calculator finds out the 'true' interest rate when upfront extra costs are added to a mortgage. Some of these extra costs are points, escrow fees, document fees, appraisal fees, and so on.
- Includes detailed equations used behind every calculation. The reverse calculations for APR and interest rate are performed with Newton–Raphson method, ensuring fast convergence and high accuracy.
- Detailed payback schedule for up to 600 periods.
What's New in Version 1.0.1
Minor user interface updates.
iPhone Screenshots
- $4.99
- Category: Finance
- Updated: Nov 18, 2010
- Version: 1.0.1
- Size: 0.6 MB
- Language: English
- Seller: eFunda, Inc.
- © efunda, Inc.
Requirements: Compatible with iPhone, iPod touch, and iPad.Requires iOS 3.0 or later
