EasyLoan Tutorial

Tutorial 1 - Monthly Payments

The basic question, which all loan calculators have to answer is: How much will I have to pay? EasyLoan makes this one simple and fun:

  1. 1.Tap head line to enter a Description of the loan.

  2. 2.Use the sliders to set the values for the loan amount, rate and loan term.

  3. 3.See the monthly payment change as you move the sliders.

  4. 4.Tap a slider to fine-tune the corresponding value.

Tutorial 3 - Amount

If you know how much you can pay per month and want to know how much cash you can get now, EasyLoan has the answer:

  1. 1.Tap the label Amount. The amount becomes highlighted which means that you have changed the calculation mode.

  2. 2.Use the other sliders to set rate, term and the monthly payment.

Tutorial 5 - Loan Term

Well, you know how much you want now and you also know how much you can pay per month and you have no idea how long you‘re in? Ask EasyLoan:

  1. 1.Tap the label Term. The duration of the loan becomes highlighted. Now EasyLoan will calculate the loan term depending on the other variables.

Tutorial 6 - Rate

You want to check whether the rate you are paying is correct? EasyLoan can help:

  1. 1.Tap the label Rate. The rate of the loan becomes highlighted. EasyLoan is ready to calculate the rate.

  2. 2.Tap the Settings item at the bottom. Here you can set whether you want to see the yearly rate or the nominal rate.

Tutorial 4 - Rate Type

In the settings pane you can chose whether you want to see a yearly or a nominal rate

  1. 1.Switch between yearly and nominal rates.

  2. 2.See the rate adjust. You can use this tool to convert between yearly and nominal rates.

The rate type is saved permanently and is valid for all save slots to maintain comparability of the rates of the different loans.

Tutorial 8 - Effective Rate

EasyLoan does not take into account fees or any other additional costs. However, you can take them into account in the following way.

  1. 1.Enter the data for the loan without any fees or additional costs

  2. 2.Switch to Rate-mode by tapping the label Rate.

  3. 3.Set the value of the amount to the loan amount less all fees and additional costs.

The Rate field now shows the effective rate.