APR, or Annual Percentage Rate, is a way of determining the amount of interest on a loan, mortgage or other form of financial aid as it is charged per year. This is a helpful figure as individuals can determine how much of the total loan per year is simply paying the interest rather than the original amount, and can affect consumer decision making. It is the truest form of comparing one loan to another. As APR gets harder to determine, Free Payment Calculators has created software that will reveal the APR based on a number of other factors so consumers can make informed decisions based on the APR rate and avoid predatory lending. —
The APR Calculator is free to download and use can be used an unlimited number of times, with no features requiring additional payment. It takes just moments to download and install and has an intuitive user interface designed to make it easier than ever to calculate APR.
The software makes its APR calculations by asking for the loan amount together with any additional cost, the interest rate and the number of months the repayment scheme has been set for. The program then runs equations to determine the APR, monthly payment, total payment and total interest to give users the most accurate portrait of the loan.
A spokesperson for Free Payment Calculator explained, “APR is getting harder and harder to discover as more and more payday loan companies and other predatory lenders disguise the figure or hide it away in the small print so as to trap customers who would not otherwise commit to such a loan. We have created this calculator so individuals can reveal the APR through the information that is given by companies and make their decisions based on that information.”
About Free Payment Calculators:
Free Payment Calculators have been creating financial calculators for some considerable time in order to help individuals get a handle on what exactly they are committing to when taking our loans, mortgages and other financial aid. All the software they design is easy to use and free to download, with no adware or spyware. The calculators are highly regarded by users and critics alike, and can be found on the website or on CNET and Softpedia.
Name: Rob Stabile
Email: Send Email
Organization: Free Payment Calculators
Release ID: 27374