Interest Rate %

Resolved montey11
(@montey11)

6 years ago

Hi,

The demo lease calculator that is with the plugin does the interest take into account that the lease amount reduces?

i.e.

If I have 4 fields “loan amount” “interest rate” “term (years)” & a sum field to get total yearly payments.

The interest rate is on what you have remaining to pay. so if you have a loan for £10000 at 2% interest rate over 10 years. after 5 years you would’ve paid £5000 off so the interest rate would be 2% of £5000 (remaining).

This formula makes the yearly & monthly repayments fee cheaper. Does the demo for do this? If not is it possible?

Thanks

Viewing 5 replies - 1 through 5 (of 5 total)

Plugin Author codepeople
(@codepeople)

6 years ago

Hello @montey11,

The demo in our plugin requires you enter the values in months, please, visit the following link:

http://demos.net-factor.com/calculated-fields-form/?page_id=12

and configure the form as follows:

Loan Amount: 10000
Residual Value: 0
Interest Rate: 2
Number of Months: 120

Actually, after 5 years you have not paid 5000 of the loan, You have paid: 4750.42 of loan and 770.39 of interest.

I guess there is more easy to understand if you visit the link below, and you press the “View Amortization Table” link:

https://www.calculator.net/loan-calculator.html?cloanamount=10000&cloanterm=10&cloantermmonth=0&cinterestrate=2&ccompound=monthly&cpayback=month&x=79&y=27

Best regards.

Thread Starter montey11
(@montey11)

6 years ago

That’s great thanks!

What would the equation be on the demo without Residual Value field?

Plugin Author codepeople
(@codepeople)

6 years ago

Hello @montey11,

You simply should edit the equations in the form distributed with the plugin, replacing the fieldname6, corresponding to the “Residual Value”, by zero.

If you need additional help implementing your project, I can offer you a custom coding service from my personal website:

https://cff.dwbooster.com/customization

Best regards.

Thread Starter montey11
(@montey11)

6 years ago

Thank you!

I’ve done what you said does the below look like it is calculating correctly?

http://drafts.design-vibe.co.uk/gcp-mobile-app/mortgage-calculator/

Plugin Author codepeople
(@codepeople)

6 years ago

Hello @montey11,

I recommend you check the results of the original form and the yours one. I’m sorry, but checking if you’ve implemented correctly the logic of your business is not covered by support service.

If you need additional help implementing your project, I can offer you a custom coding service from my personal website:

https://cff.dwbooster.com/customization

Best regards.

Viewing 5 replies - 1 through 5 (of 5 total)

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