Finance Monitoring Calculator

Finance Monitoring Calculator

This is a  finance type of calculator.

It uses  basic math principles  to calculate payments monthly payments, Loans like HELB (Higher Education loans Board), value of assets based on fixed rates of returns and comparison tools for evaluating the different effects of time and interest rates on the value of the investments.

Audience

The calculator targets campus  and collage students since they are they are about to go into the world of earning and paying loans especially HELB loan since they are the ones who access these loans while at school. They will also borrow other loans out there and will be required to pay them.

Benefits of the calculator

1. The calculator enables students to calculate the amount they are required to pay
2. The calculator also calculates the present and future value of assets based on fixed rates of returns and comparison tools for evaluating the different effects of time and interest rates on the value of the investments.
3. It also enables to students to find their loan balance in the period of payment.

Steps on how to use the calculator

For calculating loan payment, the calculator will require the student to input;

1. The Principal loan amount (the amount originally financed) (P)
2. Interest rate  in percentage (r%)
3. Duration in months (n)
4. The calculator will therefore output the total amount to be paid each month for the entered number of months 

For Loan Balance the student will be required to input;

1. The initial loan amount (L)
2. The interest rate in percentage (r%)
3. The duration in months (n)
4. The interim months (p) The number of months payments have already been made
5. The calculator will then output the Loan Balance.

For calculating Year 1 interest, the students needs to input;

1. The initial loan amount (L)
2. The annual interest rate in percentage (r%)
3. The duration in months of total monthly payments (n)
4. The calculator will output the Interest for Year one.

For calculating effective loan payment, the student inputs;

1. The initial loan balance (L)
2. The interest rate in percentage (r%)
3. The duration in months (n)
4. The tax rate in percentage (t%)
5. The calculator then outputs the effective payment 

For total calculation of total payments, the student inputs;

• The initial loan balance (L)
• The annual interest rate in percentage (r%)
• Duration of loan (N)
• The calculator then outputs the total payments of the particular student.

Reference

https://www.vcalc.com/calculator/?uuid=fb106b97-4706-11ec-993a-bc764e203090