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MyLoan - See screen shots at developer's web page. The last time you bought a car and the dealership was throwing out payment terms left and right, did you wonder how much you were being asked to pay? Have you considered refinancing your home and wondered what that quarter percentage drop in the rates would do to a monthly payment? Ever wondered how much an extra $25 in your loan payment would shorten the life of the loan? What you need is a financial calculator.
The problem is that most financial calculators are confusing to use and you never have one when you need it. MyLoan is an Excel spreadsheet designed to run on your Pocket PC handheld (or desktop system) with the ability to easily answer your financing questions.
Why an Excel spreadsheet?
- There's nothing to install (just copy the file to your Pocket PC and run it!)
- It's fast
- It keeps things simple
- Excel has a familiar interface
- There are no compatibility issues
- Runs on your desktop or laptop computer too
The file contains 3 major worksheets:
*CalcPmt - Allows you to enter a loan amount, length of loan, and interest rate and then calculates the monthly payment for you.
*Amortized - Takes the data from the CalcPmt worksheet and amortizes the loan (shows you monthly breakout of interest, principal, and remaining balance). Also allows you to enter additional payment to evaluate impact to the loan. This sheet has a lot of data on it and is easier to see on a full sized monitor.
*WhatIf - Solves for either monthly payment, interest rate, length of loan, or loan total when given the other 3. This allows you to evaluate "what if" scenarios. For example, "How much car can I afford to buy for $250/month if I can get 7.25% financing on a 5 year loan?" Or, "What if the interest rate is 8.5% instead?"
Directions
Copy the downloaded file to your Pocket PC to any folder you would like. The spreadsheets will only make calculations after all of the data needed for calculation is entered. There is no button to click. On the "WhatIf" sheet, putting in too much data will not give any calculated values - only 3 of the 4 variables are allowed. That's it!
Feel free to try the demo!
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