|Op. System:||Windows /Linux/Mac OS/BSD/Solaris|
|File size:||14 KB|
Publisher description for AffordaBilly
AffordaBilly is a simple Interest loan calculator, Similar to "VeryInteresting" but focused on determining how large a loan the user can afford, given an interest rate and length of the loan in years. Users can choose monthly or bi-weekly payments. The results will show the maximum amount of a loan that the user can afford based on the monthly payment and interest rate. This is a very simple, yet nice educational tool for showing just how much only 1 or 2% interest can make a difference over the course of time. I think it's cool to have students calculate the loan they can afford with a monthly payment, then have them cut that in half and choose "Bi-Weekly". For example, over the course of a 30-year loan at 7% interest, a Bi-Weekly payment of 325 will let you afford about ,000, whereas a Monthly payment of 650 will only let you afford ,000. Take the interest from 7% to 8% over the same term, and you can only afford about ,000. And students wonder why they should care about interest rates and other math stuff? :-) AffordaBilly is a blatant ripoff of the VeryInteresting Payment Calculator, also available for download from this site.