Loan Calculator = app for iPhone and iPad

This free app is great for calculating a loan or mortgage. You can calculate the monthly payment or the principal loan amount or the loan term or even the interest rate.

Loan Calculator = also provides users the ability to do basic calculations.

There are 4 operations for the loan calculation:
PV (Present Value) implies the loan amount
% (Interest) implies the loan interest rate
N (# months) implies the loan term in months
PMT (Monthly Payment) implies the monthly payment towards the loan

The calculator has the ability to compute either PV or N or PMT or % provided that the other three variables have been entered. To set a value for any of the 4 loan operations just enter the value and press the desired operation.

A. To calculate the Monthly Payment for a $300,000 loan with a 6% interest over 30 years:
1. Enter 300000 then tap the PV button
2. Enter 6 then tap the % button
3. Enter 360 (30 years x 12 months/year) then tap the N button
4. Tap the PMT button to calculate the monthly payment

B. To calculate the Loan Interest Rate for a $300,000 loan with a $1500 monthly payment over 30 years:
1. Enter 300000 then tap the PV button
2. Enter 1500 then tap the PMT button
3. Enter 360 (30 years x 12 months/year) then tap the N button
4. Tap the % button to calculate the loan interest rate

C. To calculate the Loan Term for a $300,000 loan with a 6% interest and a $1500 monthly payment:
1. Enter 300000 then tap the PV button
2. Enter 6 then tap the % button
3. Enter 1500 then tap the PMT button
4. Tap the N button to calculate the loan term (in months)

D. To calculate the Principal Loan Amount given a $1500 monthly payment over 30 years at 6% interest:
1. Enter 6 then tap the % button
2. Enter 1500 then tap the PMT button
3. Enter 360 (30 years x 12 months/year) then tap the N button
4. Tap the PV button to calculate the principal loan amount