Loan Calculator – Yearly not Monthly

  • Resolved Oliver

    (@elvinwebmarketing)


    4 years, 10 months ago

    On your website you have a demo for a loan calculator which operates in months. I tried to create a calculator using years instead, but it outputs an incorrect figure. Not sure why? Is this because it is not the pro-version which is more accurate?

    [cf7_ui_slider loanamount id:loan_amount min:0 ui_default:50000 max:200000 step:1000] </label>

    [cf7_ui_slider years id:years min:1 ui_default:10 max:40] </label>

    [calculation total precision:0 “((loanamount / 100 * 2.3 + loanamount)) / years / 12”]

    [calculate_button]

    The page I need help with: [log in to see the link]

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  • Plugin Author pbosakov

    (@pbosakov)

    Hi,

    Your formula seems to be incorrect. Try this instead (derived from the annuity formula):

    [calculation total precision:0 "loanamount * (1 + 2.3 / 12 * 0.01) ^ (years * 12) * 2.3 / 12 * 0.01 / ( (1 + 2.3 / 12 * 0.01) ^ (years * 12) - 1)"]

    This should give you a result comparable to other online loan calculators.

Viewing 1 replies (of 1 total)
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