iCredit Calculator 1.0


Category: Finance
Price: $0.99 (iTunes)

Description:

The iCredit Calculator is a simple Credit Card debt repayment calculator with three convenient calculation modes.

In these tough economic times, many people, including myself, have been analyzing their current financial situation to figure out the best way to pay off their debts and begin saving once again. The iCredit Calculator is the perfect way to help you estimate how long it will take you to pay off your current credit card debt.

The iCredit Calculator provides you three ways to estimate your future credit payments. Each of these three modes work as described here:

Months:
The months option allows you to provide the APR on your credit card, the amount of debt on your card, and finally the number of months in which you'd like to payoff the debt without adding any additional debt to your credit card.

With this information, the iCredit Calculator will estimate the number of months it take to payoff your card. It will also estimate how much you should pay each month to meet your payoff goal. Finally, it will also display the estimated amount of interest you will pay during this period. You can also view an example payment schedule that will estimate how much you will pay in principal and interest each month until the balance on your card is zero.

Fixed:
The fixed option allows you to provide the APR on your credit card, the amount of debt on your card, and finally the fixed monthly payment you plan to make without adding any additional debt to your credit card.

With this information, the iCredit Calculator will estimate the number of months it take to payoff your card along with the estimated amount of interest you will pay during this period. You can also view an example payment schedule that will estimate how much you will pay in principal and interest each month until the balance on your card is zero.

Minimum:
The minimum option allows you provide the APR on your credit card, the amount of debt on your card, the absolute lowest minimum payment your credit card company will accept, and the minimum payment percentage your credit card company require you to pay until you reach the absolute lowest minimum payment value.

With this information, the iCredit Calculator will estimate the number of months it take to payoff your card along with the estimated amount of interest you will pay during this period.

You can also view an example payment schedule that will estimate how much your minimum payment will be each month (based on percentage or absolute minimum provided), and how much you will pay in principal and interest each month until the balance on your card is zero.


So far, I've found this tool very helpful at estimating my future credit card finances. Every credit card is slightly different, so the exact payment calculations depend on your credit card company. However, this application should be able to estimate your future payments given the standard finance equations used by most in the accounting field.
iCredit Calculator



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