How To Make a Loan Interest Cost Estimation Tool
Most people take loans nowadays in order to build a business or to buy a house or for other financial aspects. Those who take loans, keeping up to date with interest rates is important. If you want to build a loan interest cost estimation tool for your business, you can do that with Cost Calculator Builder. In this tutorial, we’ll show you how to build a cost estimation tool.
Let’s see the steps,
First, We will have to know how much loan the customer has taken from the organization. For that we need to know the Quantity of the money.
Let’s take a Quantity field.
You can set a default value of the amount to show here.
Next, when the customer fills up the quantity, an option should appear where they will input the annual interest rate. No need to enable currency settings here.
We’re using a Range Field here,
Now you need to set a minimum and maximum range of the rates your organization is offering for your customers.
After this, You need to add a Months option for customers so that they can choose to see the increment of interest along with months. You don’t need to enable currency settings here.
We’re using a Range Field here as well,
Here, we are selecting a minimum and maximum range of months allowed for the customer to pay the loan.
Finally the Total amount is calculated using this formula. We’re calculating on the Formula Field.
In this example, for 10000$ with 5% annual interest, if the customer pays in 25 months then his interest will be 422.03$