When I saw Optimal Payment Debt Calculator Android developed by Elias Lorette on the Play Store, I was interested by the concept, and knew that it was something unique that I had to try out. If you’re a passionate fan of Finance apps with little to no guidance, well, Optimal Payment Debt Calculator will be right up your accolade.
However, everything is done professionally well as you uncover many key features which just show or illustrate how much care was put into the app during app development. I’m fully satisfied with the vital features and it’s really advantage for user’s perspective.
It is learnt that loans are set up to maximize the amount of interest paid. Optimal Payment Debt Calculator is wholly meant for those of people who have car loan, credit card debt, a student loan, or a house mortgage debt to pay off, and who like to minimize the amount of interest they have to pay.
The major purpose of the calculator is to sincerely determine which several payment amounts would permit you to reduce your interest charges as much as possible by changing the amount of the monthly payment or adding payments to the principal.
Among several other aspects the lender presented calculation permits you to view how long it would take you to repay the debt; how much interest you would pay, and the percentage rate of interest you would actually pay on the debt.
With this usage of app, the users could adjust their monthly payment to achieve an optimal result. For instance, if users wish to pay no more than $300 dollars interest on a 6000 dollar loan (5%), they could plug in the figures and calculate the amount you require to pay every month, until you reach a 5% result. It is enumerated that $457 for 14 months, given a loan rate of 8%.
More precisely the users could also put in several payment amounts, until they search a payment that yields an interest rate that seems reasonable to you. With this app users could effectively view how much money that can be saved if you pay down the balance immediately with. In other words, you would get a 72% return on your $3000.
With this debt calculator, the users could aptly determine that if they double the payment you are making, and direct that ½ of the payment goes directly to the principal, that users could save thousands of dollars, more substantially lowering your actual interest rate.
The users could see lot of methods, strategies, and Android apps that could be used to track your debts. This app would offer you a better starting point, so users could begin their journey toward debt freedom. Needless to say, it was a perfect opportunity for me to finally take this out for a spin, and I am not at all disappointed. Anyone who likes financial apps will surely enjoy what they experience in Optimal Payment Debt Calculator that’s for sure. Overall, I trust app developers did a good job with this app.
