Q: What is EasyLoan?

A: EasyLoan is an easy to use yet powerful loan calculator for the iPhone. It can perform several different calculations related to annuity loans.

Q: What is an annuity loan?

A: An annuity loan is a loan in which you obtain a certain amount of money and pay back in regular payments of equal amount over a predefined term. The monthly payments include both principal and interest. Over time, the ratio of interest and principal in one payment change, but their sum is always the same. They are chosen just right so that after the last payment there are no amount due. Annuity loans are the most frequent types of loans.

Q: How do I calculate my montly payments?

A: Tap the payment label to activate the payment mode and adjust the other values.

Q: I know how much I can pay. How much can I get?

A: Tap the amount label to activate amount mode and adjust the other values.

Q: I know how much I can pay and I know how much I need. How long will I have to pay?

A: Tap the term label to activate term mode and adjust the other values.

Q: I have a loan. What is the real rate?

A: Activate the rate mode by tapping the rate label and adjust all values. To calculate the effective rate, you should subtract all fees and other additional costs from the amount in the amount field.

Q: What is the difference between annual and nominal rates?

A: They differ by how the interest is calculated. With the nominal rate, to get the monthly interest you would divide the rate by 12 and multiply by the amount. The annual rate is the effective rate for one year when the interest for each month takes into account the interest of the previous months as part of the amount. Different banks quote their rates differently. Therefore you should check the rate type for each offer. Nominal and yearly rates are the most common types of quotation.