Loan Table App Reviews
Basic needs one major fix.
You should fix the "Extra principle" monthly does not seem to get applied at all.
Ok, so here is what I did. I entered $47,322.50 in the “Amount” category, 2.7% in the “Rate” category, 33 in the “Months” category and I clicked “Evaluate.” Here is the information I got for the first month’s payment: Principal Payment -$1,383.08; Interest Payment -$106.48; Total Interest - $106.48; Balance - $45,939.43. Anyone see a problem here? The correct principal balance when you subtract $1,383.08 from a beginning balance of $47,322.50 is $45,939.42, not $45,939.43. You can’t subtract an even number from an even number and get an odd number! So the result is wrong. Now admittedly it’s only off by a penny, but shouldn’t a calcuation program like this be correct with it’s math? So, while a penny off doesn’t get a one star “hate” rating, it certainly can not get anything more than a two star “Don’t like it”rating. Skip this one and look elsewhere to get your numbers right down to the penny!
The subtraction this app does is incorrect
Ok, so here is what I did. I entered $47,322.50 in the “Amount” category, 2.7% in the “Rate” category, 33 in the “Months” category and I clicked “Evaluate.” Here is the information I got for the first month’s payment: Principal Payment -$1,383.08; Interest Payment -$106.48; Total Interest - $106.48; Balance - $45,939.43. Anyone see a problem here? The correct principal balance when you subtract $1,383.08 from a beginning balance of $47,322.50 is $45,939.42, not $45,939.43. You can’t subtract an even number from an even number and get an odd number! So the result is wrong. Now admittedly it’s only off by a penny, but shouldn’t a calcuation program like this be correct with it’s math? So, while a penny off doesn’t get a one star “hate” rating, it certainly can not get anything more than a two star “Don’t like it”rating. Skip this one and look elsewhere to get your numbers right down to the penny!