Finance Calculator
Overview
The Finance Calculator in the Scanner App is a versatile tool accessible from the Session Details screen, designed to assist users in performing financial calculations related to loans and payments. This feature includes two calculators: one for calculating monthly payments and another for calculating loan amounts.
Using the Finance Calculators
Monthly Payment Calculator
This is the default calculator when you access the Finance Calculator feature. It is used to calculate the monthly payment amount based on the following inputs:
Interest Rate (% per annum): The annual interest rate of the loan.
Loan Amount: The total amount of the loan.
Duration (in months): The total number of months over which the loan will be repaid.
How to Use:
Enter the loan amount.
Specify the interest rate.
Input the duration of the loan in months.
The calculator will automatically compute the monthly payment required to repay the loan under these conditions.
Loan Amount Calculator
The second calculator allows users to determine the amount of a loan based on a set monthly payment. It requires:
Interest Rate (% per annum): The annual interest rate of the loan.
Monthly Payment: The desired or available monthly payment amount.
Duration (in months): The total number of months over which the loan will be repaid.
How to Use:
Toggle to the Loan Amount Calculator within the Finance Calculator interface.
Input the interest rate.
Enter the monthly payment amount you plan to make.
Specify the duration of the loan in months.
The calculator will compute the total loan amount that can be serviced with the specified monthly payment.
Best Practices for Using the Finance Calculator
Accuracy: Ensure that all input values are accurate to receive reliable calculations.
Review Calculations: Double-check the calculator outputs with other sources or financial tools, especially for critical financial decisions.
Understand Terms: Familiarize yourself with financial terms and implications, such as how changing the duration or interest rates affects payment amounts or total interest paid.
Conclusion
The Finance Calculator feature of the Scanner App is a powerful tool that helps users quickly compute essential financial metrics related to loans. Whether planning for monthly payments or determining the potential loan amount, this tool aids in making informed financial decisions directly within the app.
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