How to use the Consumer / Mortgage Loan App
The Customer / Mortgage Loan app was created to offer people a user friendly way to calculate for themselves the following information:
- What would the payments be on a spedified loan amount?
- How much how money would the financing cost?
- What would the payment schedule would look like for a specified number of months?
The algorithm is set up to support inquiries for consumer loan items or mortgages. Below is a lit of items needed to run the claculations.
- The loan amount you wish to borrow
- The number of months or loan period
- The interest rate; set between 2 and 7%